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Home sales on track to set record in 2017

A healthy growth in November home sales puts 2017 in position to easily set a record year in home sales, according to a report from the Wisconsin Realtors Association.

On Monday, WRA officials released its analysis of existing-home sales in Wisconsin, which found a 4.2 percent increase in the number of homes sold in November compared to the same month last year.

Moreover, 77,216 single-family homes had been sold so far through November in 2017. This put sales less than 4,600 from the 81,797 homes sold for the entirety of 2016, which set a full-record year for home sales.

Sales increased for the second straight month in November despite the tightening inventory of houses that are on the market. Continued tight inventories caused the median home price in Wisconsin to rise to $170,000, up 5.6 percent than November 2016.

“We’ve had strong home sales over the past two months, which is especially noteworthy given the ongoing inventory problems in the state,” Peter Sveum, WRA board chairman, said in a statement.

Most regions of the state saw an increase between 2 and 3.5 percent in home sales, according to the WRA analysis.

About Alex Zank, alex.zank@dailyreporter.com

Alex Zank is a construction reporter for The Daily Reporter. He can be reached at 414-225-1820.

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