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.
