Wisconsin homes sales in third quarter far outpace 2014

Freeman Staff

Oct. 20, 2015

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 statement.

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.