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Final report for 2016 shows strong home sales

Posted at 4:12 PM, Jan 23, 2017
and last updated 2017-01-23 17:12:27-05

The Wisconsin Realtor's Association (WRA) released their final home sales report for 2016 Monday.

The group says 2016 was a record-breaking year, with sales at an all-time high. December home sales rose 4.1% over those in December 2015. Median prices rose 7.4% over the same period.

2016's yearly sales rose 6.1% over 2015, the strongest growth since 2005, when the WRA changed the way they pool statistics for housing sales.

Median prices for 2016 were 5.9% higher, than 2015, rising to $165,000. 

“There are several factors that have been pushing prices up, including tight inventories, but also a solid economy, favorable mortgage rates and a very low rate of foreclosure statewide,” said WRA President & CEO Michael Theo.

The WRA says the time to act on your home mortgage is now, as interest rates are expected to increase throughout 2017.