Housing Market Ends Strong In 2014

MADISON, Wis. - Feb. 27, 2015 - PRLog -- Wisconsin REALTORS® Association, WRA, January 19, 2015
The housing market ended 2014 on a strong note with both existing home sales and median prices higher in December. Home sales rose by 2.1 percent compared to December 2013, and median prices rose 4.3 percent to $145,000 over that same time frame. For the year, home sales in 2014 were slightly below a very strong 2013 market, down just 1.5 percent; but prices were higher in 2014, up 3.1 percent to an annual statewide median of $148,000.

Median prices have also grown for 33 of the last 34 months. "A 3.1 percent price increase over the year is good news," said WRA President and CEO Michael Theo. "For three years in a row, home prices have kept pace with inflation without seriously impacting housing affordability," Theo said, noting the annual rate of inflation throughout 2014 ranged between one and two percent. "This is a sustainable growth pattern." The Wisconsin Housing Affordability Index stood at 235 in December 2014 showing a slight improvement over the 230 score of December 2013. "Improvements in income over the past year, combined with a slight reduction in the mortgage rate and only modest increases in prices, have kept our housing very affordable," Theo said. "The market is finally getting back to normal."

The WRA predicts a good housing market for 2015 given the low interest rates, low expected inflation due to falling energy prices, high affordability of housing and an expanding economy. Still Theo cautioned potential buyers not to stay on the sidelines too long as interest rates are likely to increase in the foreseeable future. "This is the ideal time to realize the dream of homeownership while mortgage rates remain near historical low levels," he said.

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