Surging Wisconsin Housing Market Continues

By: The See Team
 
 
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* southern WI housing market

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MADISON, Wis. - Dec. 11, 2015 - PRLog -- Wisconsin REALTORS Association (WRA), 2015 October Home Sales Report, November 23, 2015
The Wisconsin home market continued to expand in October as both existing home sales and the median price increased relative to October of 2014. Home sales rose 2.4 percent while prices increased 4.7 percent over last October to a statewide median of $155,000. The 30-year conventional mortgage was 3.8 percent in October, which is a mere half percent above the 44 year low of 3.3 percent for that rate in November and December of 2012. "Interest rates are extremely favorable and are helping fuel this market," said WRA President and CEO, Michael Theo.

"Through the first 10 months of the year, all regions of the state were up by double-digit margins," said K. C. Maurer, WRA board chairman. "Comparing January-through-October sales this year to last year shows increases of between 11 percent and 12.6 percent in all regions of the state."

Affordability will likely begin to fall in the next calendar year. "We've been closely watching our statewide inventory levels and the Federal Reserve's statements about raising short-term interest rates," said Theo. Wisconsin's home inventory levels have been consistently falling since early 2010. "A shrinking supply of homes will lead to higher prices, which hurts affordability." said Theo. Once the Fed begins raising the Federal Funds rate, long-term mortgage rates will also likely increase. "When the Fed raises short-term rates, it signals higher expected inflation, and that's what causes lenders to raise mortgage rates," Theo said. "This is an excellent time to talk to a REALTOR about finding that home that best fits your needs."

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Tags:Home Buying, Home Selling, southern WI housing market
Industry:Real Estate
Location:Madison - Wisconsin - United States
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