Home Sales Up in August

Home sales were up considerably this August compared to the same time last year.

The Wisconsin Realtors Association cites a number of factors that are driving the market. First of all June, July and August are typically the busiest time of year for Wisconsin real estate transactions. This year was no exception.

The President and CEO of the Wisconsin Realtors Association says sales this August were up 20 percent compared to 2011. Mike Theo says inventories continue to fall, and that helps to stabilize prices. “If the seller prices the house right for that marketplace, we’re starting to see multiple offers and houses moving a lot faster than a year ago.”

The median price for a house in Wisconsin is $144,000. Theo says that is up three percent compared to last year. Another factor is low interest. Theo says well qualified buyers can get a 30 year fixed price mortgage rate of 3.6 percent. In addition, he says sales are up in every region of the state, especially in northern Wisconsin-areas like Barron, Bayfield and Washburn counties. “The northern region of the state outpaced all the other regions. Their sales were up 36 percent over a year ago, and that’s great news because in other previous data from the summer the northern region was lagging a little bit in their sales.”

Despite those strong numbers up north, in general, Theo says sales growth was strong in urban areas. The numbers do not take into account homes that are for sale by owner.