Study: Wisconsin Home Sales Were Strong This April

The median price for an existing home in Wisconsin is now $161,622, up 4.9 percent from last April, according to a new study.

The monthly study is from the Wisconsin Realtors Association, an industry group. Its president and CEO,

Michael Theo, the association’s president and CEO, said spring is the busiest season.

“It’s a very strong market in a very strong part of the year. This is when we sell, in Wisconsin, the majority of our homes, almost a third of our homes,” he said.

Sales were up 8.8 percent. Theo said it was the highest volume since April 2005, before the Great Recession.

The report also indicates supplies of homes are down. Theo said supplies are tracked by how long a home takes to sell.

“We have about six and a half months of available supply, which is down from eight and a half months a year ago. So, new listings and new construction both haven’t caught up with the demand side yet,” he said.

The report only tracks existing home sales. Theo said more newly built single homes would mean a larger overall number and keep prices in check.

As it is, he said it’s competitive out there.

“When a buyer finds a home they want, they have to move quickly in this marketplace,” he said.

Rates on 30-year fixed rate mortgages are also relatively low, but that could change when the Federal Reserve’s Open Market Committee meets in June.