Wisconsin Home Sales Still On Track To Break Last Years Record Year
It's still a good time to sell a house! Sales slowed a little last month, but Wisconsin is still on track to beat last years record-breaking year for home sales.
The latest numbers from the Wisconsin Realtors Association are out and they look good overall for the Badger State. According to the data released, "[t]here were 56,503 existing homes sold between January and August in Wisconsin". That number represents an increase for sales over the same period as last year; an article in the Superior Telegram reports that sales are up 2.7% in that time period.
For now, the economy seems to be steady enough for the gains in 2021 to perform at least as well as 2020 if not better. David Clark, an economist with the Marquette University - the school that coordinates the home sales report numbers with the Wisconsin Realtors Association makes the case for positives in the home sales market:
"Mortgage rates are under 3%; that's the fourth month of that being the case. The state economy still has a pretty low unemployment rate, 3.9%. We also have a pretty high labor force participation rate".
Those positives reported by Clark echo what's playing out in the home sales market. Currently, demand for homes remains strong even as inventory dwindles. That inventory situation might be the only fly in the ointment for another record-setting year according to Clark:
"Average days on the market is 65 days. That's down from 88 in August of 2020, so realtors are moving homes at a relatively brisk pace. The inventory problems are keeping us from selling more than we otherwise would."
In general, home sales numbers have slowed a little the last few months - during the summer, when sales are traditionally high. The latest report from the Wisconsin Realtors Association details that slowdown, with August numbers off by 6.3% over the same month last year in 2020.
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