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Home sales, prices up in Wisconsin seller’s market

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(The Center Square) – Home sales and prices rose in January, the Wisconsin Realtors Association’s latest report says.

“January is typically the slowest month for closings each year,” Chairwoman Mary Jo Bowe said. “However, the improvement in listings has resulted in a nice bounce in sales to start the year. New listings have grown on an annual basis in each of the last four months, and hopefully that trend continues.”

Existing home sales, measured year over year, are up 7.4% in January for the first time since December 2021. For calendar year 2023, home sales declined 17.4%.

The median price for a home is $265,000, up $15,000 over last year. Data shows more homes sold between $200,000 and $349,999 than any other price point; $500,000 and higher was second.

“We are still in a seller’s market, and the significant unmet demand for homes by millennial buyers will probably keep it that way for the foreseeable future,” trade association President and CEO Tom Larson said in a statement. “However, it is encouraging to see new listings increase in each of the last four months, and they were up by just over 10% in January. Sustained growth in listings is key if we are to move toward more balanced markets.”

Interest rates are a concern. The 30-year fixed mortgage rate hit its peak of 7.79% at the end of October. January was 6.64%; January 2023 was 6.27%.

Southeast Wisconsin had the most homes sold in January, with more than 1,200. Next highest were the Madison-area and the Green Bay-area. Central Wisconsin (261) had the fewest.

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