“We will certainly see home sales pick up as we move into the spring, which signals a strong real estate market for the first half of 2016 and hopefully beyond”.
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Sales of existing homes in Wisconsin increased by 10.4 percent in January, though sales in the Fox Cities were mixed for the month. Last month’s sales pace was also the second highest since 2007. December’s sales pace was revised down slightly to 5.45 million.
Home sales in the Southeast region rose 10.2%, followed by the North, South Central and Central regions, which grew between 5.5% and 6.6%.
Compared to the prior year, sales increased 11%, the biggest gain since July 2013. Economists surveyed by The Wall Street Journal had expected sales would slow last month to a 5.31 million pace.
Statewide, home sales jumped 10 percent over January 2015, and median prices surged 10 percent to $148,700.
The National Association of Realtors on Tuesday also released annual revisions to its monthly sales data for the past three years.
Sales have been volatile following the introduction in October of new mortgage regulations, which are meant to help homebuyers understand their loan options and shop around for loans best suited to their financial circumstances. “These factors are supportive of housing continuing to make a positive contribution to growth and of households continuing to build their housing equity”. But a lack of properties available for sale remains a challenge.
Statewide, median prices rose by 10.1 percent, when comparing last month with January 2015, according to an analysis by the Wisconsin Realtors Association.
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At January’s sales pace, it would take 4.0 months to clear the stock of houses on the market, up from 3.9 months in December. It was the fastest rate in six months.
