(Dodge County) The latest report from the Wisconsin Realtors Association says home prices continue to increase.
“Prices are up about eight-percent we do believe, though, that as these mortgage rates come down, we’ll once again see those new listings begin to improve again,” says Association Consultant Dave Clark.
Clark says lower rates can be beneficial for prospective homes buyers – and sellers.
“If, in fact, you’re sitting on a mortgage that has three to four-percent and currently you would have to go in and get a mortgage in the low sixes….that’s a deterrent on the supply side,” says Clark. “So, these lower rates have a beneficial effect for buyers, but it also affects the supply side.”
With fewer homes on the market, the statewide median rose to $324,000 in August. Sales of existing homes were down just over 4.5-percent during the last 12 months. In Dodge County, the median price of a home saw a decrease. Going from $310,000 in July to $287,500 in August. Last year, a home would cost a prospective buyer $260,000. Just four years ago, that price was $181,000.
–WRN contributed
