For the first 6 months of 2018, home sales were only 3.7% lower than the first half of last year, primarily due to having strong sales over the winter months according to the most recent market analysis from the Wisconsin REALTORS® Association (WRA). Their analysis went on to report that the number of home sales were down nearly 12% in June compared to last June, however the median price of homes grew 5.4% over the same time frame. Low inventory of homes on the market has restricted the number of home sales and continues to influence the increase in home prices. Demand for homes has been fueled by the state’s strong economy and low mortgage rates, which inched up to just 4.57% in June from 3.9% from last June for a 30-year fixed mortgage.
After reviewing home sales in the last 12 months, the WRA noted that the tightest housing market right now is homes below $200,000. WRA President and CEO, Michael Theo described, “the ideal situation is for those buyers trading up, since they can sell in a seller’s market, and buy in a market with more supply. Regardless of the price point, using a REALTOR® who is experienced is still the key to success in this hot market”.
When you’re ready to take the next step, we’re here for your real estate needs. Contact us to find out what your home could sell for in today’s hot market or to start your home search.
Source for information and data:
“Wisconsin REALTORS® Association: June 2018 Home Sales Report.” WRA: Wisconsin REALTORS Association, 22 July 2018, www.wra.org/HSRJune2018/