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Surging Wisconsin Housing Market Continues
By: The See Team
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-
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."
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