August Homes Sales Fall As Median Prices Continue To Rise

By: Fainting Goat-Madison's Website design company
 
MADISON, Wis. - Oct. 17, 2014 - PRLog -- Wisconsin REALTORS® Association (WRA), 2014 August Home Sales Report, September 22, 2014
Home sales fell for the second straight month in August whereas median prices rose by modest margins. Wisconsin's existing home sales dropped 5.7 percent in August compared to August 2013, and median home prices were up 3.3 percent to $157,000 over that same period.

"Home sales continue to lag behind 2013, and while it is important to remember that 2013 was a strong year for sales, there are a number of other contributing factors that also explain relatively lower sales," said Steve Lane, chairman of the WRA board of directors. "Inventories are tighter in our metropolitan areas compared to rural areas, and some buyers may be having difficulty finding homes to buy in those markets," said Lane. In addition, price appreciation may also be contributing to the weaker sales. Specifically, Wisconsin has seen median prices grow by 9.8 percent since August 2012. This is more than 2.5 times greater than the growth in the general price level over that same period. "Even though Wisconsin housing remains very affordable in the state, some potential buyers may have gotten priced out of the market over the past year," said Lane. Finally, the uneven pace of economic growth has also contributed to a weaker housing market. GDP growth was negative in the first quarter but did increase by a solid margin in the second quarter of 2014. Uncertainty about the economy combined with only modest job growth in the state may have also contributed to weaker sales in August 2014, compared to August 2013.

The monthly median price increase was modest—with prices up 3.3 percent in August compared to last August. "Given that prices were going up so quickly in 2013, it is encouraging to see these settle down this year," said Michael Theo, WRA President and CEO. Year-to-date, the median price appreciation is just 2.4 percent, which is only slightly higher than the rate of inflation. "This has kept our housing more affordable than in other parts of the country," said Theo. "Wisconsin housing remains a very good value."

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Source:Fainting Goat-Madison's Website design company
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Tags:Home Buying, Home Selling, Madison Middleton Real Estate, Southern Wisconsin Real Estate, Dane County Real Estate
Industry:Real Estate
Location:Madison - Wisconsin - United States
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