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Home sales reached record levels for third year, despite tight supply

Despite tight inventories of homes on the market, sales of existing houses has reached record levels for the third straight year, according to an analysis from the Wisconsin Realtors Association.

December home sales actually fell 3.3 percent compared from number for the same month in 2016, but annual sales for 2017 were up by 1.4 percent from the previous year, according to the new report.

Prices were also higher in 2017 for existing homes, as the annual median price of $174,000 came in 5.5 percent higher than 2016.

“Given our extremely low inventory levels throughout the year, hitting a new record high in sales shows
just how hot Wisconsin’s housing market really was in 2017,” Peter Sveum, WRA board chairman, said in a statement.

Sveum credited low unemployment rates, solid job growth and continued low mortgage rates as the reasons for the strong demand for housing.

Michael Theo, president and chief executive of WRA, said sales would have even been better if more homes were on the market.

The average home sold in about 80 days in December, which is down from 99 days on average at the end of 2016.

The median price of homes appreciated at more than twice the rate of inflation, Theo said.

About Alex Zank, [email protected]

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

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