August 19, 2014

Cold weather drives down home sales

The coldest winter in decades kept Wisconsin home sales down for a second straight month.

The Wisconsin Realtors Association said today that its members sold 3,315 existing homes in February, down about 10 percent from the nearly 3,700 homes sold the previous February.

Meanwhile, prices did continue to go up. The median resale price for a home last month was $130,000 dollars, up almost 7.5 percent from the same time the year before. Median Prices have trended upward for 23 of the last 24 months.

The Association’s Dave Clark says rising prices had an impact on sales, along with the continued cold weather and higher interest rates. The group says February is normally one of the slowest months for home sales, accounting for about 5.5 percent of all sales throughout the year.

WIBA