home prices

Pixabay.com tkoch

The market is tight, and prices continue to inch up.

That assessment from Wisconsin Realtors Association when looking at August numbers, which are the most recent. Wisconsin home sales fell by a modest margin even as median prices moved up sharply in August.

Existing home sales fell 2 percent compared to August 2018, while median prices rose 9.0 percent over that same period to $206,000.

Economist David Clark works with the association.

Especially in urban areas, the shortage of listings is fueling higher prices...

pixabay.com FirmBee

Rising prices have put a pinch on people looking to get into existing homes. That's the word from an economist who works with Wisconsin realtors.

Professor David Clark says a measure of housing affordability as slipped dramatically in the last year and a half, largely due to the number of homes available for sale has diminished. He says the Housing Affordability Index looks at the median priced home, the qualifying income to purchase a home at current interest rates assuming a 20 percent down payment on a 30-year fixed-rate mortgage.

pixabay.com

A strong economy and relatively low mortgage rates were not enough to offset the inventory squeeze in Wisconsin housing and as a result, home sales slipped and prices rose statewide, according to an analysis of the existing home market by the Wisconsin Realtors Association.

A realtors spokesperson says a strong economy and low mortgage rates have fueled demand.

David Clark is an economist for state realtors. He says June is the month with the highest volume of sales.

Pixabay.com

Though interest rates continue to nudge up, home sales in the Northwoods and the rest of Wisconsin continue to grow.

Wisconsin Realtors Association economist David Clark says statewide, sales volume was above November, 2016. Prices have also been up above the rate of inflation, due to low inventory levels in urban areas...

"We seem to be ending the year on a strong note. We’re on track to having a record year.... "

Home Prices Continue to Climb

Nov 19, 2013
Bill McChesney

Home prices went up again last month, but the number of sales remained flat. 

Wisconsin Realtors Association reports median sale prices are up seven and a half percent so far this year...compared to 2012.  Economist David Clark says a high market inventory should keep prices from skyrocketing.

“I think those increases will moderate as we go forward.  And that ought to keep housing relatively affordable.”