For the fifth month in a row Wisconsin’s housing market is looking sluggish compared to last year.
Numbers from the Wisconsin Realtors Association show statewide sales fell almost seven percent in May, compared to 2013. In the Northern part of the state sales dropped by less than four percent, though the region has seen slower sales for 2014 as a whole.
Marquette University Economist David Clark says the May numbers reveal that the weather hasn’t been the only factor dampening home sales this year.
The intense winter weather hurt Northwoods home sales in March, but prices continue to rise. An economist thinks it shows the housing market is recovering.
The Wisconsin Realtors Association monthly sales and price report shows a price rise of 14 percent in the Northwoods from a year ago, but sales were off about 100 units in the 18-county area from a year ago.
Economist David Clark noted the above average price rise here, but said statewide, it was just about 2 percent....
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.
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.
Homes prices in some northern counties are not quite keeping pace with the rest of the state.
The Wisconsin Realtors Association says statewide, median home prices went up almost eight percent in the first three quarters of this year. But in Forest County, prices dropped almost 40 percent.
Dave Clark, economist for the Wisconsin Realtors Association, says don’t panic. Statistics in the northern part of the state tend to be more volatile. There’s a smaller dataset and a wider mix of the types of homes that sell from year to year.
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..."