RHINELANDER, WI (WSAU-WXPR) — State realtors say if you’re interested in buying a home, especially in larger Wisconsin cities, there’s too little of a good thing.
June housing sales were down sharply because there are too few homes on the market compared to the number of people wanting homes. When demand is high and availability is low, prices go up.
Wisconsin Realtors Association economist David Clark tells WXPR Radio across the state sales were down nearly 10 percent from a year ago and prices went up just over 10 percent. Clark says in the large state communities it’s a seller’s market and by the time you reach rural areas such as ours, it’s a buyer’s market.
He says a relatively strong economy continues to fuel demand and a recent move down on interest rates is also a factor. “Solid labor market, growing incomes, and lower interest rates keep our housing relatively affordable even though those prices are going up at a healthy clip.”
Clark says it’s a good time to be selling a home in a larger city and buying a home in a place like the Northwoods where there are more homes that cost less than in urban areas.
“The main point is most of the activity is not in the northern or central part of the state. Rather, it’s in the south and southeastern part of the state and a part of the northeast quadrant which have more of the urban activity.”
In the 18-county northern region, median prices rose 4 percent overall from a year ago to $156,000 while sales were off about 2 percent from June 2018.
