A cold winter may be putting a damper on home sales in Wisconsin. In the northern part of the state January sales were down about four percent, compared to the previous January…according to the Wisconsin Realtors Association. Statewide sales were down almost seven percent.
But Economist David Clark says the cold weather could result in a spring rebound.
“The flip side may be that if colder than normal weather is causing some people to sit on the sidelines in December, January and February, it may simply shift them into March, April and May.”
Home sales were up slightly in November for the Northern part of the state, according to the Wisconsin Realtors Association. That bucks the trend for the rest of the state, which saw an overall dip in sales for November. Marquette University economist David Clark says median price increases were also high – at over 8 percent in the north.
Home prices went up again last month, but the number of sales remained flat.
Wisconsin Realtors Association reports median sale prices are up seven and a half percent so far this year...compared to 2012. Economist David Clark says a high market inventory should keep prices from skyrocketing.
“I think those increases will moderate as we go forward. And that ought to keep housing relatively affordable.”
Home sales and prices in Wisconsin continue to rise though the Northwoods isn't rising as fast as some regions.
Economist David Clark works with the Wisconsin Realtors Association...
"...when you look at August, the existing state sales were up about 13 percent and that's a good solid number in a month(August) that is a pretty high-volume month...median prices were up about 6.3 percent..."