The real estate market continues to bloom this spring. 2016 was a record setting year for the housing market in Wisconsin and the pace of sales are continuing to increase, even as prices rise, according to the January existing home Market Report by the Wisconsin Realtors® Association. According to the National Association of Realtors, homes are already selling 2 weeks faster than they did a year ago.
“What has pushed these sales to record levels is the fact that mortgage rates are still very low, and the state economy is adding jobs,” said Erik Sjowall, WRA board chairman. “Buyers may not know what the weather will be on moving day, but they do know that low mortgage rates and unemployment rates near 4% translate into good opportunities in the housing market.”
Home prices continued to rise in January, with the median home sale increasing 6.4% over the last year, according to the Wisconsin Realtors® Association. Moderate income growth and low mortgage rates have kept Wisconsin’s housing affordable. For buyers, the problem won’t be if they can afford a house — it will be what housing is available. Currently, Wisconsin housing inventory is at 4.3 months, compared to a balanced market at 6 months’ availability.
As spring nears and spring-like temperatures continue to stick around, what’s the prediction for the second quarter? Homes listed between May 1st and May 15th sell 9 days faster than an average listing, according to a new survey by Zillow. The housing market is predicted to continue to grow, with homes selling fast.
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