Home Sales in Wisconsin Rebound in October As Prices Increase

Posted: 11.21.17

As Seen on WQOW

Madison - Wisconsin existing home sales improved in October and inventories remained tight statewide, putting upward pressure on home prices, according to the latest analysis of the existing home market by the Wisconsin REALTORS® Association.

"Sales in our area, the Western region, were up 4.7 percent from October 2016, which is a great sign, but we are still seeing tight inventories,” said Brenda Barnhardt, REALTORS® Association of Northwestern Wisconsin Executive Vice President.

According to the WRA, Wisconsin home sales in October were 4.9 percent ahead of the sales in October 2016, which pushed year-to-date closings 1.1 percent above the pace set in the first 10 months of 2016. However, median prices continued to rise at a rate well above inflation, with median prices rising to $175,000 in October, which is 6.1 percent higher than last October and very close to the year-to-date increase of 6 percent in median prices.

“You can’t expect much price relief when you have strong demand and weak supply,” said Michael Theo, WRA president, and CEO.

The WRA says that raising incomes are helping Wisconsin housing markets, and successful buyers in this market should have their financing in place and avoid contingencies on their offers if at all possible.

The REALTORS® Association of Northwestern Wisconsin is the professional trade association that all professional REALTORS® residing within the association jurisdiction belong to. The association provides educational opportunities for its members, is active in local, state and national advocacy efforts, engages in community outreach through charitable giving, operates its own private foundation to help homeowners in need and remains a positive force for the members they serve. For more information on the REALTORS® Association of Northwestern Wisconsin, log on to www.ranww.org

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