12/26 Home Sales Up for the Year But Dip in November

The latest statistics are in for home sales throughout the state of Wisconsin and for the first time in a couple of years, statewide homes sales fell six percent last month, compared to November of last year. Michael Theo, President and CEO for the Wisconsin Realtors Association said that over the last two months, the housing market has definitely cooled from the red-hot pace that characterized the first three quarters of 2013. Theo claims this was bound to happen since the base of comparison is 2012, and that was a very strong year for home sales. Theo also points to several potential factors that possibly led to this market cool down. He pointed to markedly higher mortgage rates, steady upward movement in prices over the last year and a half, and heightened uncertainty of federal fiscal and health care policies as potential factors for the cool down. In Washington County home sales shadowed the state numbers and dipped to 107 sales in November compared to 119 home sales in November 2012. Although sellers would certainly prefer prices to increase faster, the more moderate rate of median price appreciation of 4.7 percent is healthy for the Wisconsin market according to Theo. In Washington County, the median price of a home increased by 11 point 8 percent going from $161,000 last year November to $180,000 in November of this year. Neighboring Dodge County also saw an increase of 12 point 8 percent in the median price of home sales. According to Theo, despite the recent slowdown in sales, the number of homes on the market continued to shrink, with inventories down 9.5 percent statewide in November.
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Topics : Business_Finance
People : Michael Theo
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