MADISON - Capped
off by a strong September, home sales during the third quarter in
Wisconsin far outpaced 2014, according to data released Monday by
the Wisconsin Realtors Association.
According to WRA,
September 2015 home sales were 11.1 percent higher than September
2014, and the median price rose 4.3 percent to $155,375 compared to
that same period in 2014. Comparing the first nine months of 2015
with the same nine months in 2014, home sales rose 12.6 percent and
the median price increased 5.7 percent to $157,000.
“It was a great
summer for home sales, and we seem to be carrying that momentum into
the fall selling season,” said K.C. Maurer, WRA board chairman, in a
Homes sales were
strong in every region of the state in September, and especially in
the northern region, where sales increased by 17.9 percent,
according to the report. In the central region, sales increased 14.2
percent while the northeast finished 13.6 percent higher. Also solid
were the remaining three regions, with the southeast up 11 percent
relative to September last year, the west growing 7.1 percent, and
the south central region increasing 5.4 percent over that period,
according to the WRA.
Maurer said if
the pace of sales established during the first three quarters of
2015 continues until the end of the year, annual sales will likely
be in the range of 75,000 homes statewide. The last time Wisconsin
home sales exceeded that level was 2005 when a little more 78,000
homes were sold.
In addition, the
WRA highlighted the increase in home prices. Median prices have
increased on an annual basis for 41 of the past 43 months.
The median price
of existing homes sold increased 4.3 percent in September 2015
compared to September 2014, which WRA said is significant
considering that the market has seen virtually no inflation
throughout all of 2015.
“This is of
course excellent news for homeowners who have seen the asset value
of their homes continue to rise over the last several years,” said
WRA President and CEO Michael Theo, in a statement.