Northern Wisconsin home sales continue to do better than the state average, for the second month in a row.
Home sales fell statewide in August by nearly six percent, compared to the previous August. But in northern Wisconsin saw an uptick in sales of almost 2 percent, according to the Wisconsin Realtors Association.
The northern market also went against the grain in terms of prices. While they rose 3.3 percent statewide, median prices in the northern region fell 2 and a half percent last month compared to August of the previous year.
Economist Dave Clark says higher inventories in rural areas may be keeping prices low.
“If you look at metropolitan areas, they have about seven and a half months of inventory, about 7.7 months of available inventory for sale. Whereas the rural areas have about 16.6 months.”
Sales in northern Wisconsin for the year to date are still lower than last year at this time, by about two percent. That’s still better than the statewide picture that shows overall sales more than 4 percent lower for the year so far.
Still, Clark says last year was a very strong year to compare against. And he says economic indicators are still positive.
“Interest rates are still quite favorable, we’re seeing some improvement in the labor market and some job growth, so I think that suggests that the state is moving at least in the right direction.”
In the 18 counties that make up the northern region, almost 750 homes sold at a median price of just under $131,000.
