Sales and prices of homes in the Northwoods continues to grow according to the latest report from Wisconsin Realtors Association.
In June, the 18-county region including Oneida, Vilas, Forest, Lincoln, Langlade and Iron counties saw sales grow by 10 percent over June, 2016 sales and the median price rose from $147,000 to $155,000.
Realtors Association economist David Clark says sales set a record for June, topping the record set last June. He says June usually finds the highest numbers of purchaes for the year.
Clark says the demand is there, especially in urban areas...
"....demand conditions are strong. What is holding back sales volume is the lack of inventory. Our inventory levels are down to about 5.8 months statewide, but they're actually much tighter in the urban areas of the state, there's more inventory in the rural parts of the state...."
Rural areas have about 9 months worth of inventory, creating a buyer's market. Clark says the state's 3.1 percent unemployment rate is also an indicator of strong sales. The Wisconsin Housing Affordability index measures the fraction of the median-priced home that a household with median family income can afford to buy, assuming a 20 percent down payment combined with a 30-year fixed-rate mortgage. The higher the index, the more affordable housing is in the state.
The index was at 210 in June 2017, which is about 3.2 percent below the level of June 2016.
