Homes sales increased in Wisconsin to 24.8% in November, according to the Wisconsin Realtors® Association. The positive trend began in July of 2011.
“With 17 straight months of healthy growth in statewide home sales, there’s no doubt that the state housing market has seen a real bounce this year,” said Renny Diedrich, Chairman of the WRA board of directors.
She pointed out that the year-to-date sales are up 21.2 percent, which is by far the highest levels seen since 2007, just before the recession officially began.
“As we move into the slower part of the selling season, it’s encouraging to see such a strong growth in sales, and all regions grew by double-digit margins” said Diedrich.
The ratio of inventory continues to improve decreasing to 50,000 units for the first time since the WRA has kept track of inventory stats. The number signifies the available supply of 9.5 months, which was 14.5 this time last year.
“Given the strong growth in sales over the last year and a half, we’ve been expecting inventories to come down, and it’s encouraging to see strong improvements in some of our larger markets,” said WRA President and CEO Michael Theo.
Inventory levels of classified metro areas have improved with 15 of 24 areas below the statewide average.
“In fact, Milwaukee County, which is the biggest county in the state, has just under six months of inventory, which is at the level considered by economists to be balanced,” said Theo.
Homes continue to be affordable due to 30-year fixed-rate mortgages that have held under 4 percent.