According to the most recent analysis of Wisconsin REALTORS® Association (WRA), the existing home sales fell in April as median prices continued to rise. Home sales declined 11.6% in April compared to April 2013 – due to a combination of higher home mortgage rates, higher prices and harsh winter temperatures. However, median home prices increased 1.4% compared to April 2013 to $139,000.
“As we enter the second quarter of the year, we have been expecting some improvement in home sales, but it’s important to remember that April sales are still impacted by the February weather given the 6 to 8 week lag between the time an offer is accepted and a closing takes place,” Mike Theo, WRA President and Chair. He also noted that the northern part of the state continued to see heavy snowfall as late as mid-April 2014.
Every region of the state experienced a decline in sales in April. The central region fared the best, falling 3.8% over the April 2013 to April 2014 period. The Northeast region dropped 8.5%, the South dropped 9.6%, the Southeast region fell 10.1%, the North region dropped 17.4% and the West fell 25.5% over the April 2013 to April 2014 time period. Home sales fell more substantially in the metropolitan counties, with an average 13% reduction, compared to the rural counties with an average of 7% reduction. “This may be due in part to much tighter inventories in the urban counties compared to rural counties,” said Theo.
Categories: Real Estate News