Another strong sales report from a realtor's group shows that market sector is recovering from the recession.
The monthly Wisconsin Realtors Association report shows statewide, the sale of existing homes in May increased 18 percent over May 2012. That's the 23rd straight month of sales growth in Wisconsin.
Economist David Clark says a key factor is the diminishing number of available homes to buy...
"....we're down to under 10 months of supply and it was about 13 months this time last year....."
Clark says that also includes a rise in new listings. He says many people waited to list their homes until conditions improved. Even with those new listings, sales went up.
In the Northwoods, the median price was off 13 percent from a year ago to $107,000. Sales were up 20 percent from 2012 at 617 units. In Central Wisconsin, prices were up nearly 5 percent to $112,000, and sales volume was up 15 percent to 450 units.