The Wisconsin housing market continued to grow as existing home sales increased 4.6 percent in September of 2012 compared to September 2011, according to the most recent monthly report by the Wisconsin REALTORS(R) Association (WRA). Median prices also increased over that same period, increasing 0.2 percent to $135,000 in September. Sales have now increased for 14 straight months, and prices have been up the last seven months.
“Although the state housing market continues to grow, the growth in September was more modest than the first eight months of the year where home sales increased 21.3 percent,” said Renny Diedrich, chairman of the WRA board of directors. The slower growth is attributable to the sluggish pace of the national economic expansion, which has led to weak job growth in the state, according to Diedrich.
According to the Bureau of Labor Statistics household survey, Wisconsin’s employment levels have increased every month since August 2010 compared to the same month in the previous year, but that growth has typically been below 1 percent. In addition, the seasonally adjusted unemployment rate for the state increased throughout the summer, peaking at 7.5 percent in August before improving slightly in September.
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