Wisconsin Home Sales Rebound – Up 7.6% From Last Year
COVID-19 might have Wisconsin residents staying home more than ever before. And while home sales declined in the second quarter of the year (more than 25% in May alone), July was a record-setting month.
The Wisconsin Realtors Association reports that home sales in the Badger state topped what was sold in the same month last year. According to news sources, Wisconsin moved 8,969 homes state-wide in July 2019; July 2020 saw 9,649 homes being sold in the same state - a record number.
A variety of reasons contributed to the increase. Summer is traditionally a good season where a large amount of housing activity takes place. In addition - the pandemic also played a role. Interest rates have remained low and a large number of people had to delay their housing activity at the early on-set of the pandemic; now that the market is opening up again, they're making the moves that they might have made a few months earlier.
One other roundabout benefit of the pandemic has been rising housing prices. That same decline in the number of homes for sale on the market drove the prices for those that were on the market much higher than they might have normally been. The median price for a home for sale in the state of Wisconsin is $226,400 - which represents an increase of 10% over the prior month.
There is still time for potential home buyers to take advantage of the market conditions. The Wisconsin Realtors Association says that mortgage rates remain at record-setting lows. WRA President and CEO Michael Theo shared "This was the fourth straight month where the 30-year fixed mortgage rate dipped into record-low territory, falling to 3.02% in July. By comparison, mortgage rates were at 3.77% just a year ago, so they have fallen three quarters of a percent."