State home sales up 2.9% in May

Median prices rise as inventory shrinks

Home for sale
Record year on track for Wisconsin housing market

Last updated on July 2nd, 2019 at 09:11 am

The number of homes sold in Wisconsin rose 2.9 percent in May compared to May of 2015, according to the latest report from the Wisconsin Realtors Association. It was the strongest May of housing sales for the state since 2005.

Median home sale prices in the state were $165,000 in May, up 3.1 percent compared to a year ago.

Home for sale

“We’ve had a fabulous start to the year which was fueled by a strong overall economy and very good mortgage rates,” said K.C. Maurer, WRA board chairman. “It’s great to see the market continue its momentum as we move into the peak season for (home) sales.”

Inventory levels (the time it would take to sell all of the homes on the market at a given time) continue to shrink in the state. In May the state housing market had an inventory level of 6.9 months, a 23.3 percent decline from 9.0 months a year ago.

“As is typically the case, tight housing markets lead to rising prices so it’s not surprising to see the median price continue to grow statewide,” said WRA president and CEO Mike Theo.

The last time the state’s May median home sale price hit $165,000 was in 2007. The median sale price fell to $136,000 in May of 2011.

“These figures are another indication we’ve finally recovered from the significant impact the recession had on home prices,” Theo said.

In southeastern Wisconsin, home sales were up 6.6 percent in May and prices were up 2.4 percent.

May home sale prices by county:

  • Ozaukee, $276,000, up 17.4 percent
  • Racine, $144,450, up 13.7 percent
  • Kenosha, $154,000, up 6.6 percent
  • Sheboygan, $120,500, up 5.3 percent
  • Milwaukee, $147,000, up 5.0 percent
  • Waukesha, $260,000, up 4.1 percent
  • Walworth, $178,500, up 2.9 percent
  • Washington, $192,000, down 1.5 percent

Read more economic data reports on the BizTracker page.

Sign up for BizTimes Daily Alerts

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

Andrew is the editor of BizTimes Milwaukee. He joined BizTimes in 2003, serving as managing editor and real estate reporter for 11 years. A University of Wisconsin-Madison graduate, he is a lifelong resident of the state. He lives in Muskego with his wife, Seng, their son, Zach, and their dog, Hokey. He is an avid sports fan and is a member of the Muskego Athletic Association board of directors.

No posts to display