Nationally, the real estate market numbers in January show sales 4.7% higher than a year ago and above year over year totals for the fifth month in a row.
As for median home price, for all housing types, that stood at $202,600, up 7.5% over last February. This marks 36 months of price gains.
In the Midwest, February sales matched that of January but was 4.9% ahead of last February sales. Median price in the Midwest was up 8.8% from last year, to $152,900.
Strong price growth and a lack of inventory works well for homesellers, yet makes life more difficult for homebuyers being priced out of the market or with little to choose from. Historically, interest rates are still very low and homebuyers can take control of their monthly housing payment if they can find a home to purchase with the current interest rates. Reports from NAR show the disparity between rent growth and income growth is widening.
Overall, many positive points with distressed sales down 16 % from a year ago. NAR also reports less investor activity due to rising prices and fewer distressed property bargain buys. While this may mean a dip in sales at some point, the reasons for that dip would be because of a strengthening real estate market.
We do need listings locallly! Contact First Weber Group to discuss your sale and purchase of real estate in Wisconsin.
Let us know if we can help in anyway. First Weber sells real estate throughout Wisconsin:Metro Milwaukee and Southeastern WI, South Central Wisconsin/Greater Madison, Southwestern WI Central Wisconsin, Northeast Wisconsin and Wisconsin’s great Northwoods. You can start searching for Wisconsin real estate and Wisconsin real estate agents at firstweber.com
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info source: NAR