First Half 2018: Inventories Limit Sales & Drive Up Prices

 
 
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MADISON, Wis. - Oct. 5, 2018 - PRLog -- Home sales slipped and prices rose statewide in June. Existing home sales fell 11.8 percent in June, relative to June 2017, and median prices rose 5.4 percent to $195,000 over that same period. A review of the first six months of the year revealed that as a result of solid winter sales, home sales only dropped 3.7 percent compared to the first half of 2017. However, tight inventories throughout the year have pushed median prices up 5.9 percent to $180,000 for the January to June period. It's not mortgage rates that are keeping sales down, it's the limited number of homes on the market.

While inventory levels did improve from 4.1 months in June of last year to 4.7 months this past June, they remain well below the six-month benchmark that is considered a balanced market. Inventory levels remain tight, especially in the more urbanized regions of the state. Rural regions tend to be more buyer-friendly.

"The tight inventory situation continues to push home prices up at a pace well above the rate of inflation," said WRA President & CEO Michael Theo. Affordability Index: Wisconsin buyers could afford to buy 178 percent of the median-priced home, down from 198 percent in June of last year.

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Tags:Home Sales, Home Buying
Industry:Real Estate
Location:Madison - Wisconsin - United States
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