Home/Mortgages/Wisconsin Housing Market Continues Rebound

July 11, 2012 (Shirley Allen)

Monthly sales of existing single-family homes and condominiums continued to improve in Wisconsin during May while home prices saw a jump of nearly eight percent from the previous month according to the latest housing data from the Wisconsin Realtors® Association (WRA).

An estimated total of 5,978 existing single-family homes and condos were sold in the Badger State in May. That was 14.6 percent higher than the 5,218 homes sold in April and 18.9 percent higher than the 5,026 homes sold in May 2011. It was the 11th 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 7.8 percent in May to $138,000, up from $128,000 in April, and was 1.5 percent higher than the median price of $136,000 in May of last year.

Rob Keefe, Chairman of the WRA, stated, “It’s good to see Wisconsin’s housing market continuing a robust rebound from the depressed levels of the recession. The supply of housing remains high with over a year’s worth of inventory on the market, but this is well below the levels of last May when there was a 17-month supply of unsold homes.”

For the third 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 (+31.8 percent) reporting the largest increase followed by the Northeast Region (+21.4 percent).

The Southeast Region recorded the most sales for the month with an estimated 2,154 home sales, up from 1,780 in May 2011, while the South Central Region followed with an estimated 1,232 closed sales for the month, up from 1,043 a year ago.

Year-over-year, three of the six regions posted an increase in their median prices or were unchanged led by the Southeast Region (+2.3 percent) with the Northeast and the Central Regions (-4.1 percent) sharing the largest decline in prices.

The total number of homes available for sale increased as expected in May as the spring/summer selling season kicks into high gear with 61,584 homes actively available. That’s up from 59,927 in April but down from 68,583 in May of 2011.

The state had an average 13.3 months supply of homes available for purchase, up from a 13.2 months supply in April but still down from a 17.2 months supply a year earlier.

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