The number of homes sold in the four county metro Milwaukee area increased 23.2 percent in June, compared to June of 2014, according to the latest report from the Greater Milwaukee Association of Realtors.
There were 2,370 homes sold in June compared to 1,924 in June of 2014.
The average price of homes sold in the metro area also rose in June. Average home sale prices in Milwaukee County were up 11 percent to $159,698, hoe sale prices in Waukesha County were up 4 percent to $283,306, in Washington County home sale prices were up 14 percent to $224,530 and in Ozaukee County home sale prices were up 12 percent to $296,068.
Home price appreciation is being driven by strong demand from buyers and a lack of listings by sellers. The number of homes listed for sale in the metro area dropped 3.7 percent in June, compared to June of 2014, according to GMAR.
For the first half of the year listings are up 2.3 percent, but Realtors say more supply is needed to meet the demand from buyers in the area’s housing market.
“A little more volume in listings is helping to alleviate strong buyer demand, but demand is still outstripping supply,” said GMAR president Mike Ruzicka. “The decrease in inventory (in June) portrays how tight the market is in 2015. There are a few more listings in 2015, but more active buyers, which should express itself in higher sales numbers and prices in the coming months.”