The strong economy and low unemployment rate, coupled with tight supply, has driven home prices up at a rate well above the annual inflation rate, according to the Wisconsin REALTORS Association.
Annual inflation hit 2.9 percent in June, up about 1 percent from last September. Home prices have increased at a rate between 4.6 and 8.1 percent over the last nine months.
Home sales fell to approximately 9,200 in June, down nearly 12 percent from June 2017, and median prices rose more than 5 percent in Dane County, $277,861, up from $262,000 in 2016. It’s a trend that has been particularly tough on first-time homebuyers — the market has been tightest for homes under $200,000.
The trend isn’t just unique to Wisconsin — it’s nationwide. Real estate trade groups in California, Florida and Illinois recently released near-identical data.
At times like these, it is more important than ever to have a seasoned professional on your side to help navigate the rapidly changing currents within the real estate industry. Call me at 608-333-4406 and let's talk!
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