Home prices and sales increased in southeastern Wisconsin, and in the entire state, during July, according to new data from the Wisconsin Realtors Association.
Statewide, home sales were up 17.3 percent and median home prices were up 2.1 percent to $143,000, compared to July of 2011.
In southeastern Wisconsin, home sales were up 23.2 percent and median home prices were up 1.6 percent to $154,500, compared to July of 2011.
“While the pace of the national economic recovery has been weak this year, Wisconsin home sales have rebounded nicely over the past year,” said Rob Keefe, chairman of the WRA board of directors.
Median home sale prices by county:
Walworth, $181,000, up 14.9 percent
Waukesha, $239,900, up 7.1 percent
Sheboygan, $117,222, up 5.6 percent
Milwaukee, $118,000, up 5.4 percent
Racine, $119,750, up 4.1 percent
Kenosha, $106,850, down 1.1 percent
Ozaukee, $210,000, down 2.8 percent
Washington, $165,000, down 9.3 percent
The inventory of homes for sale in the state has dropped significantly in the last year, according to the WRA. That may be contributing to the increase in median home sale prices.
“We were sitting on nearly 18 months of inventory in July of 2011, and that has fallen to just under 13 months,” said WRA president and CEO Michael Theo. “(But) overall, this remains a buyer’s market, and given these phenomenal mortgage rates, there will continue to be good opportunities for those who qualify for loans.”