A 14.2 percent drop in home sales may seem worrisome at first glance, but there is more to be said.
There were about 8,510 existing home sales in the state last month, according to the latest report from the Wisconsin Realtors Association. This is a decrease from the 9,915 sales reported in July 2020.
That’s because home sales last year rebounded sharply over the summer, after the spring shutdowns, said economist David Clark, of Marquette University, who produces the monthly reports on the. housing in collaboration with the association.
The drop in sales in July, he said, came as no surprise and demand for housing this year remains strong.
“Our average market days (for a home) statewide are at their lowest point since we started tracking this data in 2009,” Clark said.
The average is 65 days, compared to 90 days last July.
That demand, coupled with an 11% drop in the number of homes for sale, pushed the median price of a home in the state up 10.7% in July to $ 250,000.
Sales for 2021 are 3.9% ahead of last year’s totals in the first seven months of the year.
The market recovered in the second half of 2020, so this year’s sales may not hold up until December.
But, as with the July numbers, a year-over-year comparison may not tell the whole story of the Wisconsin housing market.
“We compare (this year) to a single year,” Clark said. “Overall, the housing market is in pretty good shape right now.”