State Sees Strong Summer Home Sales
2.8% increase driven by low mortgage interest rates.
Wisconsin home sales rose in August, capping a strong peak home-buying season for 2020.
The state saw a 2.8 percent increase in home sales for the summer compared to last year.
The strong demand coupled with the limited number of homes for sale drove the median price of a home up 14.1 percent to $235,000 in August.
Declining housing inventory has been an issue in Wisconsin for years, but Clark said the market is showing signs of adjusting, with the number of permits for construction of new homes now starting to rise.
“New construction has been relatively flat in the state,” he said. “It’d been trending upward slightly, but this is a more substantial bounce.”
The August figures mean home sales for the year are only 1 percent behind those of the first eight months of 2019.
Low Mortgage Rates Lead To Strong Summer Home Sales In Wisconsin was originally published by Wisconsin Public Radio.