A short supply of houses on the market led to a nearly 12% drop in June sales of existing homes in Wisconsin, but drove up prices, real estate professionals said Monday.
The Wisconsin Realtors Association reported 9,244 closed sales in June, down 11.8 percent from 10,481 in June of 2017. Sales dropped in all regions of the state, the Realtors monthly report shows.
Through the first half of the year, sales were off 3.7 percent from the same span in 2017.
"A strong economy and low mortgage rates have fueled demand, but supply remains tight,” Peter Sveum, chairman of the Wisconsin Realtors Association, said in a statement.
Sveum said the more-urbanized parts of the state had tighter inventory levels, while the more rural areas "tended to be more buyer-friendly.”
The supply-and-demand imbalance put upward pressure on prices in June.
The median price of homes sold in Wisconsin last month was $195,000, or 5.4 percent more than $185,000 in June of 2017.
Read more in the Milwaukee Journal Sentinel.