November 12, 2012 (Shirley Allen)
Monthly sales of existing single-family homes and condominiums fell in Wisconsin during September according to the latest housing data from the Wisconsin Realtors® Association (WRA) while home values suffered a six percent drop from the previous month.
An estimated total of 5,113 existing single-family homes and condos were sold in the Badger State in September. That was 20.3 percent lower than the 6,419 homes sold in August but 4.6 percent higher than the 4,890 homes sold in September 2011. It was the first time in 16 months that homes sales did not post a double-digit increase year-over-year.
Through the first eight months of 2012, home sales have been 19.2 percent higher than at the same time last year.
Sales for the month were expected to be lower because September only had 19 business days compared to a normal month that typically has 21 or 22 business days. However, on a daily basis, homes sales were still 7.7 percent lower than last month.
The median sales price for an existing home in Wisconsin fell by 6.3 percent in September to $135,000, down from $144,000 in August, and was 0.2 percent higher than the median price of $134,700 in September of last year.
Renny Diedrich, Chairman of the WRA board of directors, stated, “Although the state housing market continues to grow, the growth in September was more modest than the first eight months of the year where home sales increased 21.3 percent. The relatively soft jobs picture throughout the summer, combined with the uncertainty associated with the national elections may have kept some buyers on the fence in September.”
Four of the six regions that provide data for the monthly report posted gains in home sales over the previous year with the Southeast Region (+7.9 percent) reporting the largest increase while the Central Region (-4.0 percent) posted the largest decline. It was the first time in seven months that all six regions did not post a year-over year gain in sales.
The Southeast Region recorded the most sales for the month with an estimated 1,816 home sales, down from 2,265 in August, while the South Central Region followed with an estimated 962 closed sales for the month, down from 1,298 the previous month.
Year-over-year, only two of the six regions posted an increase in their median prices led by the Northeast Region (+6.9 percent) while the Southeast Region (-2.7 percent) recorded the largest decline in home prices. One region, the North Region, remained unchanged from the previous month.
The total number of homes for sale in the state declined slightly in September with 59,429 homes listed for purchase. That’s down slightly from 61,404 in August and down from 67,956 in September of 2011.
The state had an average 12.0 months supply of homes available for purchase, down from a 12.5 months supply in August and down from a 16.2 months supply a year earlier.
Tags: Wisconsin real estate, existing homes, condos, sales, median home prices