The number of Wisconsin homes sold in November is nearly identical to the same month last year, despite the fact that the short supply of single-family homes has continued driving prices upward, according to the latest Wisconsin Realtors Association report.
Home sales were up 0.5 percent year-over-year in November. Year to date, home sales remain 1.7 percent below the first 11 months of 2017, according to WRA. The median price of a home sold in the state increased 7.7 percent In November to $183,000. Median prices through November were 6.7 percent above the same 11-month period in 2017.
“Unless we have a phenomenal December for home sales, it looks like we will come up a little short of last year’s sales totals,” said WRA chairman Jean Stefaniak. “Nonetheless, this has been an impressive year for sales given the scarcity of homes on the market.”
There were just 4 months of inventory available in November, meaning it would take that long to sell all of the homes on the market. This is below the 4.5 months available the same month last year. Stefaniak said inventory has been a problem in most regions around the state and in most price ranges over the last year. The only region that could be considered a buyers’ market (6 months of supply or greater) was the northern region, at just over 7 months of available supply.
In southeastern Wisconsin the number of sales rose 2 percent in November and the median price rose 7.8 percent to $194,000. The region had 3.3 months of inventory, down 13.2 percent from November 2017.
Median home sales prices by county in November:
- Kenosha, $173,700, up 5.9 percent
- Milwaukee, $159,900, up 13.5 percent
- Ozaukee, $270,500, down 6.7 percent
- Racine, $165,500, unchanged
- Sheboygan, $157,000, up 12.7 percent
- Walworth, $220,000, up 15.5 percent
- Washington, $230,000, up 8 percent
- Waukesha, $285,000, up 0.3 percent
“We’ve had a strong economy in the state, which has pushed incomes up, but affordability has still suffered given the price and mortgage rate increases this past year,” said WRA president and chief executive Michael Theo.
Statewide growth in median family income was 3.4 percent over the last 12 months, but the nearly 1 percent increase in the 30-year fixed rate mortgage combined with the 7.7 percent increase in the median sale price resulted in a 13.3 percent drop in affordability, according to WRA calculations.
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