Home sales are at their highest level in Wisconsin in more than a decade, according to the latest figures from the Wisconsin Realtors Association.
Home sales in September rose 6.9 percent over those of September 2015, even though the supply of homes on the market remains relatively limited, WRA President Michael Theo said.
“Despite having historic low interest rates, which are fueling the market, we do have inventory shortages,” Theo said. “We, unfortunately, could have sold a lot more homes in September if we had more inventory to sell.”
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Theo said inventory is particularly tight in urban areas such as Milwaukee and Madison, though the number of sales has risen in every region of the state.
Wisconsin’s housing market is on track to have its strongest sales year since 2004, according to the report.
Median home prices saw a year-to-year increase of 7.9 percent.
Wisconsin’s real estate prices still fare well against other states, but Theo said that could change in the future.
“We still have a very good value of affordable housing here in the state, but as the Federal Reserve starts talking about possible interest rate increases down the road, that’s going to have an affordability hit for the state, particularly if our inventories remain low,” Theo said.
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