The new Home Sales Report, released by the Wisconsin REALTORS® Association (WRA), revealed that the rate at which home prices appreciated, was more than triple the rate of inflation, in September. Comparing the first three quarters of this year to the same period in 2018, median home prices increased over 7% in Waukesha County, as you can see in the chart below. The low inventory of homes for sale and persistent buyer demand has fueled home prices to rise at a much faster rate than the rate of inflation in Wisconsin.
September housing stats helped end the third quarter of this year on an upbeat note. The number of home sales and the median prices were both greater than the respective month last year, according to the WRA’s analysis. Growth in new listings helped improve the number of home sales. The total number of sales from January through September now only trails last year’s home sales, for the same nine-month period, by 2%.
The enduring Seller’s market has limited the volume of homes for sale, and has put upward pressure on housing prices over these last few years. The tight market has made buying a home challenging for many qualified Buyers. Getting pre-approved for financing and working with an experienced REALTOR® who knows the local market well are significant influences to get you to a successful closing.
How can we help you with your real estate needs? If you have questions about the current conditions of the local real estate market, please don’t hesitate to get in touch with us.
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Source for information: “Wisconsin REALTORS® Association: September 2019 Home Sales Report.” WRA, 21 Oct. 2019, www.wra.org/HSRSep2019/.