Home Sales Rise For First Time in 2014
Home sales were up last month for the first time this year. According to the Wisconsin Realtors Association, over 4 percent more homes sold in Wisconsin in June than in that month last year.
In the northern part of the state, that increase is a little higher – with sales up more than five percent.
Housing sales for the year to date are still behind compared to 2013, thanks to five consecutive months of lower sales.
Economist Dave Clark says it’s a good time to see a turnaround.
“June is a pretty important month for the state. Because typically about 11.5 percent of homes typically sell in June. It’s a high activity month compared to the other months. So if you’re gonna start seeing an improvement, that’s where you want to start seeing it, in those high activity months. ”
Economists attributed the year’s slow start to bad weather, as well as uncertainty in the lending market. Clark says certain federal reforms took effect earlier this year and could make banks more hesitant to loan money.
“Is that still at work? I suspect that it is. It’ll take some time for that to work its way through. But I think the positive economic situation in the state is certainly overwhelming any negatives.”
Clark says the state’s job market has been getting stronger, and he predicts a summer of modest growth in home sales if the economic conditions stay the same.
Median prices appear to have stabilized – with Wisconsin home prices in June just about half a percent higher than they were the previous year.