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Strongest Wisconsin Home Sales Since 2005
By: First Weber, Inc.
More homes were sold in Wisconsin in 2015 than any year since 2005 according to the year-end analysis of the existing home market just released by the Wisconsin REALTORS Association (WRA). A total of 76,693 homes sold in the state last year, up 11.4 percent over 2014, and median prices were 5.1 percent higher in 2015 compared to 2014. Strong December home sales helped boost the annual sales figures, with the final month of the year up 8.9 percent over December 2014. Median prices were up 3.7 percent to $149,900 over that same period.
"The strength of this market was seen across the entire state, with sales up by double-digit margins in every region," said K.C. Maurer, Chairman of the WRA Board of Directors. The six regions in the state saw home sales grow at between 10.3 percent and 12.5 percent in 2015 compared to 2014.
"We would have sold more homes had we not been constrained by very tight inventory levels," said Michael Theo, President and CEO of WRA. The monthly average for 2015 was just over 47,900. This is well below the 2010 monthly average of about 66,000 unsold homes. "Part of the reason housing supply has declined is that foreclosures have fallen to levels not seen since the early part of the last decade," said Theo. Theo noted median prices rose 5.1 percent to $155,500 for all of 2015 compared to 2014. "This is well above the rate of inflation, which has been near zero for most of 2015," he said. "Not many assets have maintained their value in 2015 like housing," said Theo. Despite these increases, Wisconsin's housing remains very affordable according to the REALTORS' report. "Eventually we expect some inflation and that will ultimately drive mortgage rates upward which will likely reduce our affordability,"
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