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Wisconsin housing market improved in 2012

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MADISON, WI (WTAQ) - Wisconsin’s housing market showed a solid recovery in 2012.

The Wisconsin Realtors Association said its members sold just over 62,500 existing homes in the year that just ended. That’s almost 21% more than the 52,000 home sales for all of 2011.

Buyers paid a median price of 133,500 dollars last year, 1.1% higher than the previous year.

Realtors’ Association president Mike Theo said median prices have grown in eight-of-the-last-nine months – and that’s a “welcomed sign” that home prices have stabilized, following declines in recent years.

Realtors throughout the state had just over 46,000 unsold homes in their inventory last December, more than 7,500 fewer houses than the same month of 2011.

Theo said Realtors had almost nine months of inventories last month – down from 12-and-a-half months the year before.

Theo credits a drop in foreclosure activity for the fact that more houses have been going off the market.

He expects continued growth in 2013 quote, “assuming that the economic problems in Europe, as well as the unresolved budget issues at the federal level don’t lead to recession.”

Theo said a slight rise in some prices will get more buyers off the fence – but the real key is higher job growth and lower unemployment. He called the state’s job growth “anemic at best” over the last year.

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