Wisconsin home sales grew for the second straight month in October, and the figure is now only slightly trailing last year’s sales.
The latest report from the Wisconsin Realtors Association found more than 7,411 sales of existing homes last month. That’s up 0.7 percent from October 2018.
This year’s sales have trailed those of 2018 for most of the year, but the gap has been narrowing this fall. The 2019 figures are now 1.5 percent behind last year.
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David Clark, an economist at Marquette University and a consultant on the report, said demand for homes has stayed strong all year, even though the number of homes for sale has continued to decline.
“Realtors have fewer homes to work with, yet they’re able to move those homes a bit more quickly,” he said.
The median home price in October for Wisconsin rose 7.3 percent from last year to $195,900.
“When you have prices going up at well above the rate of inflation, that’s indicative of an overheated market,” Clark said. “And it’s driven by the fact that supply is so weak.”
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