Home Sales Slowly Rise After Dismal June Numbers
After a dismal number of sales in June 2017 that saw less than 1% turnover in Wisconsin and the United States as a whole, the numbers are beginning to pick up.
There simply hasn't been enough homes on the market. This brings an overall negative impact on the mortgage community but some states have managed to find a glimmer of hope.
"A recent report by the Wisconsin Realtors Association showed June home sales in the state increased by 0.9% from June a year ago, to 9,961 from 9,874," according to National Mortgage News.
"There would have been more sales if not for the tight inventory, Realtors said."
The number may be small but it shows some growth in what has been a struggling year. Experts say that the rest of 2017 won't show much growth if any at all.
"Demand conditions are just so strong right now and supply is just so tight, it's kind of a tug of war," said David Clark, an economics professor at Marquette University, according to the report.
"I think we're on track to have — in terms of sales volume — a year like last year, a solid year. But it will certainly be the case that prices continue to go up at 5%, 6%, 7% on a year-over-year basis. I don't see anything that's going to stifle demand."
If the supply doesn't increase this year may be beyond saving in terms of sales. Demand does seem constant which will translate into sales as soon and homes become more readily available.
To learn more about the current lack of homes on the market, click on the image above.
