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Summer Ends Strong As Both Sales & Prices Increase In August
By: First Weber
Summer home sales in Wisconsin ended on a very strong note in August, pushing prices up at a pace well above the rate of inflation, according to the most recent analysis of the state housing market conducted by the Wisconsin REALTORS® Association. August sales were up 9 percent over August 2015, making this the strongest August since 2005. The median price rose to $170,000 in August, which was 5.3 percent higher than August 2015. With annual inflation ranging between 0.8 percent and 1.4 percent through July of this year, housing prices are growing at more than three times the rate of inflation.
The state had 45,337 homes on the market, down 14 percent compared to August of last year. Yet nearly every region in the state saw healthy growth in sales over the last 12 months. "This market continues to be impressive, and it is supported by a good economy in the state and low mortgage rates," said WRA President & CEO Michael Theo. The unemployment rate in the state stood at 4.2 percent in August, which is in the range of what the Federal Reserve considers full employment, while a 30-year fixed-rate mortgage was 3.44 percent, which is about a half percent lower than August 2015. "Good job prospects and low mortgage rates help offset the fact that median prices have been moving up since March 2012," said Theo. "Inflation has been very low, so anyone buying a home has been accumulating real wealth," he said. Even with the strong growth in prices, housing remains affordable in the state.
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