August 6, 2012 (Shirley Allen)
Monthly sales of existing single-family homes and condominiums climbed again in Wisconsin during June and have increased year-over-year by double-digits for the last twelve months according to the latest housing data from the Wisconsin Realtors® Association (WRA).
An estimated total of 6,807 existing single-family homes and condos were sold in the Badger State in June. That was 13.6 percent higher than the 5,978 homes sold in May and 19.3 percent higher than the 5,705 homes sold in June 2011. It was the 12th consecutive month that homes sales have improved by double-digits year-over-year.
The median sales price for an existing home in Wisconsin increased by 2.9 percent in June to $142,000, up from $138,000 in May, and was 1.4 percent higher than the median price of $140,000 in June of last year.
Rob Keefe, Chairman of the WRA, stated, “In a national economy that has not yet seen the kind of growth rates that typify most economic recoveries, it’s encouraging to see such strong growth in home sales over the last 12 months. About 12 percent of home sales each year typically take place in June. This year seems to be no exception with healthy June home sales remarkably consistent throughout the state.”
For the fourth consecutive month, all six of the regions that provide data for the monthly report posted gains in home sales over the previous year with the South Central Region (+21.7 percent) reporting the largest increase followed by the Northeast Region (+21.1 percent).
The Southeast Region recorded the most sales for the month with an estimated 2,419 home sales, up from 2,154 in May, while the South Central Region followed with an estimated 1,449 closed sales for the month, up from 1,232 the previous month.
Year-over-year, five of the six regions posted an increase in their median prices led by the North Region (+9.1 percent) while the Central Region (-2.2 percent) recorded the only decline in home prices.
The total number of homes available for sale increased as expected in June with 62,261 homes listed for sale. That’s up from 61,584 in May but down from 71,634 in June of 2011.
The state had an average 13.1 months supply of homes available for purchase, down from a 13.3 months supply in May and down from an 18.4 months supply a year earlier.
Tags: existing homes, condos, sales, median home prices, Wisconsin