Statewide, the median home sales price in May increased over 9% compared to the respective month last year, according to the most recent analysis of the existing home market by the Wisconsin REALTORS® Association. Comparing the same two months, the number of home sales increased just over 3%. Price appreciation for homes has been well above the rate of inflation due to low inventory of homes for sale and demand pressure continuing to build. Affordability has declined but would have much more if mortgage rates did not also drop about a half percent over the last twelve months according to WRA President & CEO Michael Theo. If you’re looking to buy, you can still find some deals but it is crucial to act quickly as they will not stay on the market for long. Working with an experienced REALTOR® who is proficient at writing a real estate offer is highly advised to find success in this tight real estate market.
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Sources for information and data
“Wisconsin REALTORS® Association: May 2019 Home Sales Report.” WRA, 17 June 2019, www.wra.org/HSRMAY2019/.
“Wisconsin REALTORS® Association: Wisconsin Housing Statistics.” WRA, www.wra.org/HousingStatistics/.
