2013 A ‘Robust’ Year For Recovering Housing Market

A year-end housing report from the Wisconsin Realtors Association shows that 2013 was a ‘robust’ year for the state’s housing market.

Michael Theo, the president of the Wisconsin Realtors Association, said the state’s housing market saw both increased sales and appreciation in home prices in 2013 from the previous year.

“The combination of those two items, I think, tell you that you have a very strong housing market with a lot of the fundamentals in good shape, moving forward,” he said.

In 2013, existing home sales were up almost 11 percent from the previous year. Meanwhile, median prices increased more than 7 percent over the same time period.

According to the WRA, one reason behind the growth of prices includes the reduction in foreclosures.

As for 2014, Theo said they’re optimistic about the market. He thinks the state will see higher mortgage rates and higher prices, which would moderate growth.

“Both buyers and sellers will be looking at 2014 and perhaps thinking about getting into the market before those prices and interest rates go up, and that might help us have a good winter selling season here in the state,” he said. “That’s what we’re hoping for.”

Theo said the south-central part of Wisconsin led the state in existing home sales, with a more than 15 percent increase in 2013 over the previous year. All of Wisconsin’s regions, however, saw growth