Home sales in Wisconsin fell sharply in September, dropping 12 percent relative to September 2017, according to data released by the Wisconsin REALTORS Association.
A continued shortage of available properties has caused a year-to-date decline in sales of almost 3 percent compared with 2017. Home prices have increased statewide by nearly 7 percent, though the upturn in Dane County has been slightly less, with prices increasing only 3 percent over the same period.
While new construction hasn’t quite kept up with demand, a new report from the Wisconsin Policy Forum shows a jump of almost 2 percent in new construction for Dane County — a trend that will hopefully help to provide buyers with more options.
The data indicates strong economic growth in the area. Development and property values have returned to pre-recession levels, with countywide property values increasing more than 20 percent in the last decade.
Although housing in Wisconsin remains affordable by national standards, a recent rate increase by the Fed has pushed mortgage rates up by more than three quarters of a percent since September 2017. With more rate hikes expected, enlisting the help of a Realtor can pay dividends. Feel free to contact me to talk!
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