Home Affordability Still Strong

By: Fainting Goat-Madison's Website design company
 
MADISON, Wis. - April 17, 2014 - PRLog -- Wisconsin REALTORS® Association, WRA, March 17, 2014
Home sales dropped in the beginning of this year as Wisconsin recorded its coldest winter in decades. Existing home sales dropped 10.1 percent relative to February 2013; however median prices actually increased substantially, rising 7.4 percent to $130,000 over the same 12 month period.

"We broke many records for cold temperatures this winter, so it's not surprising this year's February sales were off the 2013 pace," said Steve Lane, Chairman of the WRA board of directors. Lane also noted rising prices and interest rates also impacted the market. "Weather extremes weren't the only thing that conspired to dampen sales," Lane said. "Median prices have grown consistently since March of 2012 and mortgage interest rates have been climbing and are now almost a full percentage point higher than this time last year," he said.
The median price rose to $130,000 in February, which is up 7.4 percent compared to February 2013.

Wisconsin housing remains very affordable even in light of these recent price increases. The Wisconsin housing affordability index stood at 245 in February, which indicates strong affordability, even though it slipped from the peak level of 294 seen in February 2013.

The state added approximately 27,600 additional jobs between January 2013 and January 2014, and the unemployment rate dropped a full percent to 6.1 percent over that same period, according to the latest data released by the U.S. Bureau of Labor Statistics.

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Source:Fainting Goat-Madison's Website design company
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Tags:Home Buying, Home Selling, Realtors, Housing, Mortgages
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Location:Madison - Wisconsin - United States
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