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Home sales and prices hit record levels in June even as inventories remain tight
By: First Weber, Inc.
The Wisconsin housing market continued its expansion in June, with both sales volume and prices reaching record levels. June home sales were up 0.9 percent compared to June last year. Home prices continued to grow at a robust pace in June, with the median price increasing 6.3 percent over the past 12 months to $186,000. These figures represent the highest levels for price and sales volume since the WRA recalibrated its methodology for data collection in 2005.
"We have a very strong state economy, which has fueled housing demand, but the shortage of homes on the market has kept sales only slightly above the very high levels established last year," said Erik Sjowall, WRA board chairman. The Wisconsin seasonally adjusted unemployment rate stood at 3.1 percent in May, which is well below the U.S. rate of 4.3 percent for that month. It ranks among the lowest rates in the upper Midwest. "Inventories are in good shape in the rural parts of the state, but they are very tight in the cities," noted Sjowall. Average days on the market fell to just 73 days in June.
"The Fed, with some help from low energy prices, has managed to keep inflation under control," said WRA President and CEO Michael Theo. He noted inflation did tick up this year with the annual inflation rate in the range of 2.2 percent to 2.8 percent between January and April but dipped to 1.9 percent in May as oil prices moderated.
Expect housing affordability to continue to slip over the remainder of the year.
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