Home sales in Wisconsin rose 8.8 percent in April compared to the same month in 2015, making April 2016 the strongest April sales volume since 2005.
This high pace helped push statewide median prices to $161,622, which is 4.9 percent higher than April 2015.
“The spring and summer are when we sell the majority of homes in the state, so it is good to see the momentum from the first quarter extend into April,” said K.C. Maurer, WRA board chairman.
“We’re entering our fifth year of price recovery, and home prices are likely to continue in the foreseeable future,” said WRA President and CEO Mike Theo.
The upward trend in prices began in April 2012, when the statewide median price was at $128,125. The increase to $161,622 in April 2016 represents a total growth of 26.1 percent over that four-year period.
“Housing demand is strong due to a growing economy and low interest rates, whereas housing supply continues to be tight statewide,” said Theo.
There were 6.7 months of available supply (the time it would take to sell all of the homes on the market at a given time) in April, which is down from 8.5 months this time last year.
“What’s even more concerning is the fact that new listings are also down, suggesting that buyers are going to need to move quickly when they find a house they want to buy,” said Theo.
April median home sales prices, by county, according to WRA data:
Walworth, $189,425, up 12.6 percent
Milwaukee, $145,000, up 9.8 percent
Sheboygan, $129,000, up 9.4 percent
Kenosha, $148,500, up 8.4 percent
Waukesha, $260,000, up 8 percent
Washington, $205,000, up 4.3 percent
Ozaukee, $237,000, no change
Racine, $140,000, down 0.4 percent
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