WAUKESHA - August
home sales for the Milwaukee region, which comprises Milwaukee,
Waukesha, Ozaukee and Washington counties, has fallen 4.9 percent
from the same period last year, according to the Wisconsin Realtors
Association’s regional report released on Monday.
Meanwhile in Waukesha
County, home prices stayed true to August 2013’s $255,000 price
point, and the real estate market reported 29 fewer home sold than
the 592 of last August, falling 4.9 percent.
region saw 1,814 homes sold last month, compared to 1,908 last
August, while average prices improved 6.8 percent to $187,250 in the
The trends are
representative of Wisconsin overall, which also reported a rise in
price and a drop in sales: 3.3 and 5.7 percent, respectively.
continue to lag behind 2013, and while it’s important to remember
that 2013 was a strong year for sales, there are a number of other
contributing factors that also explain relatively lower sales,” said
Steve Lane, chairman of the WRA board of directors, in the housing
He added that
available inventories have influenced these changes:
tighter in our metropolitan areas compared to rural areas, and some
buyers may be having difficulty finding homes to buy in those
markets,” said Lane.
The report noted
that metropolitan counties have 7.7 months of available inventory in
August, and their sales were down 8.1 percent compared to the year
before. Conversely, rural counties have 16.6 months of inventory,
and their sales fell less than 0.2 percent.
may also be contributing to the weaker sales. Median prices in
Wisconsin have grown by 9.8 percent since August 2012, more than 2.5
times greater than the growth in the general price level over that
Wisconsin housing remains very affordable in the state, some
potential buyers may have gotten priced out of the market over the
past year,” said Lane.
“Given that prices
were going up so quickly in 2013, it’s encouraging to see these
settle down this year,” said Michael Theo, WRA President and CEO, in
the WRA’s August press release.
median price appreciation is 2.4 percent, slightly higher than the
rate of inflation, which has been between 1.1 and 2.1 percent so far
“This has kept our
housing more affordable than other parts of the country,” said Theo.