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Home Sales Fall In April As Prices Rise Moderately
Wisconsin existing home sales fell in April even as median prices continued to rise according to the Wisconsin REALTORS® Association (WRA). Home sales declined 11.6 percent in April compared to the same month last year due to a combination of higher home mortgage rates, higher prices, and harsh winter temperatures. Median prices rose over that same period, increasing 1.4 percent to $139,900.
"It's important to remember that April sales are still impacted by the February weather given the 6 to 8 week lag between the time an offer is accepted and a closing takes place," said Steve Lane, Chairman of the WRA Board of Directors.
"The national economy barely grew in the first quarter which under normal circumstances might suggest an economic slowdown, but even that has been partially blamed on the weather," said Michael Theo, WRA President and CEO. Countering that was a relatively strong consumption component of real GDP, and a relatively strong April jobs report. The latter indicated a stronger than anticipated 288,000 jobs created in the US in April, which is the largest monthly growth in more than 2 years. "The key to sustained growth in the housing market is a growing economy. We hope the current employment trends continue," said Theo. "Wisconsin still has very affordable housing, which is an asset that continues to be a solid hedge against inflation," he added.
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