MADISON — New
data from the Wisconsin Realtors Association shows that the state’s
tight housing market is showing signs of loosening.
The data shows
that the state had nearly 7,300 sales of existing homes last month,
an almost 5 percent increase from October 2016, according to a media
An increase in
housing supply will help address the growing problem of housing
affordability in the state, said David Clark, an economist at
probably knock down some of those rather hefty price increases that
we’ve been seeing over the last couple of years,’’ Clark said.
‘’We’ve seen prices going up at two to three times the rate of
The median home
price in the state rose to $175,000 last month, a more than 6
percent increase from October 2016.
But one month of
improvement won’t guarantee that the market will continue to
improve, he said.
improvements to the housing supply, the Wisconsin housing market
will likely favor sellers for some time, particularly in urban
areas, Clark said.
‘’If you look at
overall inventory levels, they’re at about 5.1 months,’’ he said.
‘’But when you look at metropolitan counties, they’re at 3.9 months.
Even if new listings continue to improve, it’ll take a while for
this market to adjust to the point that it’s a buyer’s market as
opposed to a seller’s market.’’