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Home Sales Increase in January as Prices Continue to Rise

Posted: 02.20.18

Although monthly housing sales in Wisconsin are always lowest in January, home sales and prices were both up this year, even as inventories continued to shrink, according to the most recent analysis by the Wisconsin REALTORS® Association.

“Median price in our region, the western region, was up 8.3% overall from January of last year, including some sizable increases in many of our counties” said Brenda Barnhardt, REALTORS® Association of Northwestern Wisconsin Executive Vice President. 

Vernon County saw the highest increase in median price in our region with an increase of 79.5%. Chippewa and Dunn Counties also saw considerable increases, with median prices up 42.1% and 31.9% respectively.

According to the WRA, statewide, median home prices rose in January to $168,500, which is the highest January level since the REALTORS® began tracking housing metrics in 2005. Rapid price growth is a result of high demand, fueled by a great economy and very low mortgage rates. 

The WRA says that the good news is low mortgage rates, combined with solid income growth have kept our housing affordable, even as home prices have grown at a rapid pace. The REALTORS® point out that buyers need to be prepared to move quickly in tight housing markets, and rising mortgage rates only heighten that urgency.

“These are exciting numbers to see for the start of 2018, and as we move into peak real estate season, getting pre-approved loans and using an experienced REALTOR® will be important to buyer’s success,” said Dan Lawler, RANWW Board President. 

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.

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