Economy slowly improving
4:24 pm
Sun February 2, 2014

Northwoods Home Sales and Prices Lagging

Credit commons.wikimedia.org

 

While portions of Wisconsin are seeing robust growth in home sales and prices, northern Wisconsin lags behind.

Still, an economist says things are improving.

The Wisconsin Realtors Association recent report found statewide, the median price up 7 percent from 2012 and sales up 10 percent from a year earlier. In the north, sales were up 5 percent, but prices were up just under two percent. Many southern and western Wisconsin counties had double-digit growth in both columns.

WRA economist David Clark says foreclosures are down statewide, and housing is showing signs of being much closer to the pre-Great Recession market. But the Northwoods stands out against the rest of the report with less activity...

 

"....there's got to be some very good deals in some of these northern counties because inventory levels are still fairly high. There should be some good buying opportunities in those locations...."

Unemployment also remains far above the state average for the Northwoods.

But Clark says the national economy continues to move forward. The third quarter real Gross Domestic Product growth rate of 4.1 percent presented a positive change from the weak growth earlier in 2013.