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Low interest rates continue to fuel home sales in Wisconsin

Pending Home Sales
Posted at 12:39 PM, Mar 24, 2021
and last updated 2021-03-24 13:39:22-04

MILWAUKEE (AP) — It’s been another record for home sales in Wisconsin this past month.

The latest figures from the Wisconsin Realtors Association found nearly 4,395 homes were sold in February, up 5.5 percent from the same month last year.

Marquette University economist David Clark, who produces the monthly reports in conjunction with the WRA, said extremely low mortgage rates have continued to strengthen the housing sector.

“Mortgage rates hit their all-time low, at least since we’ve been tracking this going back to 1971, in December,” Clark said. “They dropped to 2.68 percent. You have a lot of potential buyers who are pretty motivated.”

Those low rates pushed existing home sales into record territory in late 2020, following the sharp declines at the start of the coronavirus pandemic, Wisconsin Public Radio reports.

The winter market may be seeing spillover from last year’s peak months of May through August, Clark said.

The supply of homes for sale continues to decline in Wisconsin.

The ongoing high demand and limited supply pushed the median home price up about 13% in February, to $215,000.