So far this year, only one month has seen lower than 10% growth in sales from the same month in 2014, and sales are off to their strongest start since 2005.
In the eight-county southeast Wisconsin region, the median price increased to $178,000 in July, up 4.7 percent compared with last year’s number.
Existing home sales increased 16.9 percent in July 2015 compared to July 2014, and median prices rose 3.8 percent to $163,999 during that same time frame.
“Summer is obviously our peak sales period, and it’s encouraging to see a continuation of the strong sales that began in the spring”, said Dan Kruse, board chair of Wisconsin Realtors Association, a trade group that conducts a monthly residential housing analysis. “We’re definitely on pace for a very strong 2015 if sales continue to growth at this pace”.
Association president Mike Theo says the market was even better in northeast Wisconsin. Sales through the first seven months of the year are up almost 14% from last year. “Fortunately the minor changes in prices coupled with slight improvements in mortgage rates and income levels have kept affordability nearly unchanged over the year”. “It’s important that buyers of various price ranges all have quality affordable housing to choose from”, Theisen said. In July it dipped somewhat with pressure on inventories.