Sales of existing homes in Wisconsin are down almost 3 percent for the year, while prices are up nearly 7 percent.
The key reason for both, according to residential real estate professionals: A stubborn shortage of good properties on the market.
“Inventory weakness has been the story all year long, and it continues to hold back statewide sales with no indication of improvement in the near term,” Jean Stefaniak, new chairperson of the Wisconsin Realtors Association, said in a statement Monday.
Through September this year, 63,264 homes were sold in the state. That compared with 64,998, or 2.7 percent fewer than, during the first nine months of 2017.
At the same time, the median sale price in the state rose 6.9 percent, to $184,900 from $173,000.
The month of September saw a 12 percent drop in sales from September last year, to 6,881 from 7,818.
Read more in the Milwaukee Journal Sentinel.