Home sale all across Wisconsin were extremely strong. To give you some reference, August 2016 was up 9% from August 2015 for home sales. And, AND home sales in August 2016 were the highest they’ve been since August 2005.
Here’s a blurb from the President of the WRA & CEO Michael Theo:
“This market continues to be impressive, and it is supported by a good economy in the state and low mortgage rates. The unemployment rate in the state stood at 4.2 percent in August, which is in the range of what the Federal Reserve considers full employment, while a 30-year fixed-rate mortgage was 3.44 percent, which is about a half percent lower than August 2015. “Good job prospects and low mortgage rates help offset the fact that median prices have been moving up since March 2012. The median price is up 5.3 percent over the past year, and compared to August 2012, prices have grown 18.8 percent for a compounded annual growth rate of 4.3 percent. Inflation has been very low, so anyone buying a home has been accumulating real wealth.”
In case you were wondering, the annual inflation rate for 2012 through 2015 has been between 0.7 percent and 1.8 percent. This is according to the U.S. Bureau of Labor Statistics.
This is great news all around, NOT just for sellers. Mortgage rates continue to hover around the 3.5% mark, which is awesome for buyers, or even homeowners thinking it’s time to re-finance.
If you’re looking to buy a home or sell your home in this hot market, you need an experienced local Green Bay Realtor. Contact Elysia Diaz for your real estate needs