MADISON, Wis. (AP) — A recent report shows that Wisconsin’s tight housing market continues to show signs of improvement with housing inventory increasing for the second consecutive month.
The Wisconsin Realtors Association recently released a report that found home inventory rose 3.4 percent last month above what it was at the same time last year, the Wisconsin Public Radio reported.
Two consecutive months of increases could hint at an easing of the state’s housing supply after more than a year that inventory has declined, said David Clark of Marquette University.
“These are peak months for closing on homes,” Clark said. “To see some improvement in inventories, even in those high-volume months, is a suggestion that maybe we have turned the corner a little bit.”
The restricted supply of homes for sale has been driving up prices, he said. The median price of a home in July was $192,900, up 7.5 percent from July 2017.
Homeowners can be motivated to sell by rising home prices, Clark said.
“We’ve seen pretty consistent upward movement in prices, and the increase in prices has put some incentive for new sellers to list their homes,” Clark said.
Despite the inventory increasing last month, home sales dropped about 3 percent in July this year below what they were in July 2017. Home sales from January through July have declined about 3 percent from the same period last year.