MADISON — An
analysis by the Wisconsin Realtors Association released Monday
indicated there was more strong momentum in the housing market
According to the report, existing home sales were up 16.8
percent in April when compared to April 2014, and median prices
went up 10.7 percent to $154,900 in April 2015 relative to April
“After a slow start to the year, the spring housing market has
really come to life,” said Dan Kruse, WRA board chairman, in a
Home prices were up in
Milwaukee, Washington, Ozaukee and Waukesha counties in
April when compared to the same time last year. Statewide,
median home prices were up 10.7 percent.
The WRA analysis
indicated April 2015 is the strongest April sales total since
2010, and the second strongest since 2006, before the recession
“The growth in sales was strong in every region of the state and
was especially robust in the less-urban regions,” Kruse said.
The Central region was up 41.2 percent in April 2015 compared to
April last year, whereas the West grew 24.4 percent, and the
North region increased 22.3 percent compared to that period,
according to the report. Sales in the more urban areas of the
Northeast region increased 17.1 percent; the South Central
region rose 14.6 percent; and the Southeast region grew at
Inventory remains tight with the rural counties having 13.4
months of supply, but the metropolitan counties are at just 6.7
months of available inventory.
Homes remain affordable in Wisconsin, according to the WRA. The
Wisconsin Housing Affordability Index shows the percent of the
median-priced home that the buyer with a median family income
can afford to buy. This assumes a 20 percent down payment on a
30-year mortgage financed at current mortgage rates. The index
was at 238 in April, which is nearly unchanged from April last
year; but the index is down from 264 in January.
“We’ve been lucky,” said WRA President and CEO Michael Theo in a
statement, who noted that the 30-year fixed-rate mortgage stood
at 3.67 percent in April 2015, which is a little more than a
half percent lower than April 2014.