A new report on Wisconsin’s real estate market says the state saw a rise in home prices and a higher number of sales in August.
The Wisconsin Realtors Association’s report on the state’s housing statistics shows last month’s home sales were up 9 percent from August 2015 and median home prices rose more than 5 percent, to $170,000.
David Clark, a Marquette University economics professor and WRA consultant, said real estate continues to trend upward along with key economic indicators.
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“We’ve got a 4.2 percent unemployment rate, we’ve certainly been creating jobs, and you’ve got really low mortgage rates,” Clark said.
Low housing inventory continues to push prices upward as well. The WRA report indicates the housing inventory available for sale has fallen 14 percent in Wisconsin over the last year. The issue is especially pronounced in and around cities, Clark said.
“If you look at all of the 26 metropolitan counties, they’ve only got 5.1 months of inventory,” Clark said. “That’s very much trending towards a seller’s market.”
Clark said ongoing economic growth and continued low interest rates are also boosting Wisconsin’s real estate market.
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