February Home Sales Are Down From Last Year

Harsh Winter Is One Factor Contributing To Dampened Activity

Median home prices increased by 7 percent over the past year. Photo: Images of Money (CC-BY)

Wisconsin saw both a drop in home sales and an increase in median home prices in February.

The Wisconsin Realtors Association (WRA) said that compared to February 2013, existing home sales declined more than 10 percent. David Clark, a consultant for the WRA, said this year’s harsh winter weather certainly played a role in the decline. Clark also says February is always a low-activity month for Wisconsin.

“So when you have an abnormally harsh winter, you will find that that dampens sales even more than would be the case if you followed regular seasonal patterns ,” said Clark.

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Rising prices and interest rates were also a factor.

Clark says median price of homes increased more than 7 percent over the past year, and interest rates are almost a full percentage point higher.