Monthly Home Sales Rebound in Wisconsin during August

October 3, 2012 (Shirley Allen)

Monthly sales of existing single-family homes and condominiums climbed in Wisconsin during August according to the latest housing data from the Wisconsin Realtors® Association (WRA) as all six regions in the state posted year-over-year increases for the sixth consecutive month.

An estimated total of 6,419 existing single-family homes and condos were sold in the Badger State in August. That was 6.6 percent higher than the 6,023 homes sold in July and 20.3 percent higher than the 5,335 homes sold in August 2011. It was the 14th consecutive month that homes sales have improved by double-digits year-over-year.

Through the first eight months of 2012, home sales have been 20.7 percent higher than at the same time last year.

The median sales price for an existing home in Wisconsin increased by 0.7 percent in August to $144,000, up from $143,000 in July, and was 2.9 percent higher than the median price of $140,000 in August of last year.

Renny Diedrich, Chairman of the WRA board of directors, stated, “National election cycles always introduce some degree of uncertainty in the economy, and this year is no exception, but the state housing economy continues to grow at a very solid pace. The home sale recovery began last summer, and sales have grown 20.7 percent year-to-date. It’s great to see these sales so strong during the peak sales period in the state,”

For the sixth 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 North Region (+36.0 percent) reporting the largest increase followed by the South Central Region (+23.1percent).

The Southeast Region recorded the most sales for the month with an estimated 2,265 home sales, up from 2,185 in July, while the South Central Region followed with an estimated 1,298 closed sales for the month, down slightly from 1,311 the previous month.

Year-over-year, four of the six regions posted an increase in their median prices led by the North Region (+11.0 percent) while the Central Region (-1.8 percent) recorded the largest decline in home prices.

The total number of homes for sale in the state declined slightly in August with 61,404 homes listed for purchase. That’s down slightly from 61,790 in July and down from 69,741 in August of 2011.

The state had an average 12.5 months supply of homes available for purchase, down from a 12.8 months supply in July and down from an 17.0 months supply a year earlier.

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

Source:
WRA