State home sales up 7.8 percent in May

The number of homes sold in Wisconsin increased 7.8 percent in May, compared to May of 2014, and median home sale prices in the state were up 6.7 percent during the month, according to the latest Wisconsin Realtors Association report.

There were 7,649 homes sold in the state in May, up from 7,098 in May of 2014.

“This is an impressive market with May sales the strongest (they have been) in nine years,” said Dan Kruse, chairman of the WRA board of directors.

The median sales price for Wisconsin home sales in May was $160,000, up from $150,000 in May of 2014. Comparing May 2015 with May 2011, Wisconsin home sale prices have grow at a compounded rate of 4.1 percent, which is 3.1 times the comparable inflation rate over the same period, according to the WRA report.

“While we don’t usually like to see housing appreciating at three times the rate of inflation, it’s important to remember that we’ve been in a very low inflationary period since the recession,” said WRA president and CEO Michael Theo said. “Home price growth in the four percent range is sustainable when compared to longer term trends in inflation.”

In the four county metro Milwaukee area, May home sales were up 6.2 percent and prices were up 12.5 percent, according to WRA.

Milwaukee County sales were down 1.6 percent, but median sale prices were up 12.6 percent to $140,750.

Waukesha County sales were up 15 percent and prices were up 5.1 percent to $249,900.

Washington County sales were up 28.9 percent and prices were up 14.6 percent to $192,450.

Ozaukee County sales were flat, but prices were up 10.7 percent to $239,950.

Year to date, Wisconsin home sales were up 10.1 percent for the first five months of the year, and prices were up 7.2 percent to $150,000.

In the four county metro Milwaukee area, sales are up 7.2 percent year to date and prices are up 11 percent.

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