Homes Sales and Prices Rise In First Half of 2013

Wisconsin REALTORS® Association, News, July 22, 2013
Wisconsin home sales rose an impressive 11.4 percent in the first six months of 2013 compared to last year, according to recent statistics compiled by the Wisconsin REALTORS® Association (WRA). In June alone, Wisconsin home sales were up 3.1 percent relative to last June, posting the 24th straight month of positive sales growth in the state. Median prices also continued to increase year-to-date, rising 7.7 percent to $140,000 compared to the first half of 2012. In June, prices were up 12.3 percent to $159,500 compared to June 2012.
According to WRA numbers, sales for the most recent six-month period are up 33.1 percent over the first half of 2011—an increase of more than 8,700 additional home sales. Moreover, construction of new homes is showing signs of solid improvement as well. "The rebound in building is a very positive sign for our markets in Wisconsin," said Renny Diedrich, WRA board chairman.
Unique foreclosures in the state are down 37.2 in the first half of 2013 compared to that same period in 2012, and down 44.5 in the second quarter this year compared to quarter two of 2012. "All in all, this paints a very healthy picture of the Wisconsin residential home market at the midyear point," Diedrich said.
All regions of the state saw healthy growth in home sales through the first six months of 2013 over last year. The regions with the strongest growth were the South Central, up 15.7 percent; the West, up 13.4 percent; and the Southeast, up 12 percent. Growth in the other three regions was also solid, ranging between 9.9 percent for the Central region and 7.3 percent for the Northeast region, to 6.9 percent in the North.
Homes in Wisconsin remain a good value. In June, the Wisconsin Housing Affordability Index (HAI) was at 214, indicating that a household with median family income of $63,100 can afford to buy 214 percent of the median priced home of $159,500. This is down from 239 in May and significantly below its peak of 292 in January of this year. "The dip in affordability can be attributed to raising prices," said Theo, WRA President and CEO, but added Wisconsin housing remains very affordable when compared nationally.

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