Wisconsin Housing Market Coming Back to Life in April
May 26th, 2015
The month of April was the second consecutive month this year of strong increases in home sales and median prices, and was the strongest April sales since 2010, and the second strongest since 2006, before the recession began. The Wisconsin REALTORS Association (WRA)’s recent housing market analysis shows existing home sales up 16.8 percent in April 2015 when compared to April 2014, and median prices rose 10.7 percent to $154,900 in April 2015 in comparison to last April.
After a slow start to the year, the spring housing market has really come to life,” states Dan Kruse, WRA Board chairman, and continued by saying, “The growth in sales was strong in every region of the state and was especially robust in the less-urban regions.” Breaking it down by regions, the Central region was up 41.2 percent, the West grew 24.4 percent, and the North region increased 22.3 percent over that period. Sales in the Northeast region increased 17.1 percent; the South Central region rose 14.6 percent; and the Southeast region grew at 11.7 percent.
Along with home sales, home prices also increased at a prosperous rate in April, with the median price of existing home sales up 10.7 percent to $154,900. CEO Michael Theo of the WRA mentions in the WRA report that one major factor to this home sale increase is the “tightening of available inventory in the state.” Urban counties have a lower available supply of 8.5 months compared to rural counties having 13.4 months of supply; but, the metropolitan counties are at just 6.7 months of available inventory.
Housing affordability remains high throughout the state. The Wisconsin Housing Affordability Index shows the percent of the median-priced home that the buyer with a median family income can afford. Theo recognized that the 30-year fixed-rate mortgage stood at 3.67 percent in April 2015, which is a little more than a half percent lower than April 2014. Family income combined with lower mortgage rates have helped offset the ongoing increase in home prices.
Short-term interest rates could very likely be rising soon, which will directly affect mortgage rates. Theo said, “This really is a very good time to get into housing for those with solid credit, and an experienced realtor can help buyers find the best values in this market while rates are still low.”
Take advantage of the low interest rates, low inventory and increasing home sales while you still can. We’ve said it once, we’ll say it again, this couldn’t be a better time to put your house on the market!
Contact Shelly Sprinkman at email@example.com or via phone at (608) 220-1453 if you have any questions about your existing home or future home.
To read the full April 2015 Home Sales Report: https://www.wra.org/HSRApr2015/