According to the WRA (Wisconsin Realtors Association) low inventory of homes for sale are still driving housing prices to rise:
“The combination of very strong demand and very weak supply has resulted in a continuing drop in home sales in May, according to the most recent analysis of the existing home market by the Wisconsin REALTORS® Association. Specifically, home sales fell 5 percent in May 2018 relative to May 2017, and the median price increased 8 percent to $188,000 over that same period, which represents the third straight month where home sales have failed to increase from their levels in the previous year. Still, on a year-to-date basis, home sales are roughly the same as last year, following a solid home market during the winter months. However, the median price of homes through the first five months of 2018 is 7.3 percent higher than the January-through-May period of 2017.”
Home buyers are still out there pre-approved and ready to buy even with mortgage rates on the rise. Rates in May 2017 were at an even 4%, and now they are hovering at 4.59%. The economy is strong with low unemployment rates. We just need MORE HOMES TO COME ON THE MARKET. Thinking of selling? NOW is the time!