The nation is in a recession mainly caused by the coronavirus outbreak and housing sales in Wisconsin reflected that in May.
The Wisconsin Realtors Association found home sales fell by 25 percent on a year-over-year basis. Interestingly, median prices continued to rise increasing six percent from a year ago.
Dr. David Clark is an economist working with the group. He says the pandemic emergency hit at a time when sales usually climb...
"The economic lock down had a significant effect on May sales..."
Clark says home sales that closed in May were likely under contract in late March or early to mid-April, and this is the time when a lot of potential buyers and sellers decided to sit tight. Clark thinks June sales numbers will be off for a similar reason, but thinks if you can find the financing, it would be a good time to buy....
"Mortgage rates are at record low levels so if you can find a home, the 30-year fixed rate mortgage was 3.2 percent in May. It's never been lower than that since Freddie Mac has been tracking those mortgage rates....."
In the Northwoods, median prices through May rose 6 percent to $160,000 while sales were off about 10 percent through May compared to a year ago.
WRA Chairman Steve Beers says realtors are following CDC guidelines to ensure buyer and seller safety
