State housing market continues recovery

Existing homes sales in Wisconsin were up 13.7 percent in August and median home prices were up 6.3 percent, year-over-year, to $152,000, according to the latest report from the Wisconsin Realtors Association.

Median home prices have been up for 17 of the last 18 months.

“This has been a very strong summer for home sales, which is important for a state like Wisconsin where there are strong seasonal sales patterns,” said Steve Lane, chairman of the WRA board of directors. “We started the year strong, and we’ve carried that momentum through the summer, which bodes well for the remainder of the year.”

“Our appreciating home values are due to a combination of moderate job growth, shrinking inventories and the fact that there is less shadow inventory of potential foreclosures, which was depressing home prices in the immediate aftermath of the recession,” said Michael Theo, WRA president and CEO.

Statewide there was 10 months of available inventory on the market in August, down from 12.4 months of inventory in August of 2012.

“Inventories are even lower in the urban areas, which has put upward pressure on prices in those cities,” Theo said.

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