September 12, 2012 (Shirley Allen)

Monthly sales of existing single-family homes and condominiums fell in Wisconsin during July according to the latest housing data from the Wisconsin Realtors® Association (WRA). Despite the drop in sales, sales were still well above last year’s levels.

An estimated total of 6,023 existing single-family homes and condos were sold in the Badger State in July. That was 11.5 percent lower than the 6,807 homes sold in June but still 17.3 percent higher than the 5,133 homes sold in July 2011. It was the 13th consecutive month that homes sales have improved by double-digits year-over-year.

The median sales price for an existing home in Wisconsin increased by 0.7 percent in July to $143,000, up from $142,000 in June, and was 2.1 percent higher than the median price of $140,000 in July of last year.

Rob Keefe, Chairman of the WRA, stated, “While the pace of the national economic recovery has been weak this year, Wisconsin home sales have rebounded nicely over the past year. The July sales figures continued this trend of robust growth in home sales. Four of the six regions in Wisconsin grew by double-digit margins during July, with three regions up more than 20 percent for the month.”

For the fifth consecutive month, all six of the regions that provide data for the monthly report posted gains in home sales over the previous year with the Central Region (+23.3 percent) reporting the largest increase followed by the Southeast Region (+23.2 percent).

The Southeast Region recorded the most sales for the month with an estimated 2,185 home sales, down from 2,419 in June, while the South Central Region followed with an estimated 1,311 closed sales for the month, down from 1,449 the previous month.

Year-over-year, four of the six regions posted an increase in their median prices led by the North Region (+8.3 percent) while the South Central Region (-1.8 percent) recorded the largest decline in home prices.

The total number of homes for sale in the state declined in July with 61,790 homes listed for purchase. That’s down slightly from 62,261 in June and down from 71,934 in July of 2011.

The state had an average 12.8 months supply of homes available for purchase, down from a 13.1 months supply in June and down from an 17.9 months supply a year earlier.

Tags: Wisconsin real estate, existing homes, condos, sales, median home prices