The Milwaukee Post

September 27, 2013 • Milwaukee Post • 7 State real estate market hot in August Figures show 13% increase; median prices up 6.3% By DWAYNE BUTLER Post Editor MILWAUKEE – Home sales and median prices both grew at a healthy pace in August, according to the most recent housing report from the Wisconsin Realtors Association. Existing home sales rose 13.7 percent in August compared with August 2012, closing out a very strong summer for home sales and 26 straight months of sales growth. Home prices showed similar strength, with the median price rising 6.3 percent to $152,000 in August. Median prices have been up 17 of the last 18 months. "This has been a very strong summer for home sales, which is important for a state like Wisconsin, where there are strong seasonal sales patterns," WRA Board Chairman Steve Lane said in a news release. Lane said in a typical year about 42 percent of home sales in the state take place between May and August. "We started the year strong, and we've carried that momentum through the summer, which bodes well for the remainder of the year," he said. Existing home sales were up in every region of the state, with five of the six regions growing by 9.9 percent in August compared with August 2012. The Central region had the fastest growth over August 2012 at 23.2 percent. Also up by substantial margins were the South Central region at 18.4 percent and the Southeast region, which includes Milwaukee County, at 14.5 percent. The West region rose 11.1 percent, the Northeast grew 9.9 percent and the North was up 5.6 percent. "While it's not uncommon to see some volatility in sales in the northern and central parts of the state due to the large number of second homes in those areas, the more urbanized regions are more stable and were consistently strong in August," Lane said. State home prices reflecting national trends Wisconsin's median home prices' growth since March 2012 mirrors national trends of rising home prices. "Our appreciating home values are due to a combination of moderate job growth, shrinking inventories and the fact that there is less shadow inventory of potential foreclosures, which was depressing home prices in the immediate aftermath of the recession," WRA President and CEO Michael Theo said in a news release. Statewide, there was 10 months of available inventory on the market in August, which is down from 12.4 months in August 2012. "Inventories are even lower in the urban areas, which has put upward pressure on prices in those cities," Theo said. Inventories in the metropolitan counties are at just 7.5 months, the WRA said. "Finally, we've made real progress in liquidating foreclosed properties in the state," Theo said. Through the first half of the year, Wisconsin foreclosures were down 37.2 percent compared with the first half of 2012, the WRA said. Meanwhile, the Wisconsin Housing Affordability Index, which stood at 215 in August, still indicates that housing remains affordable in the state. The index shows the percent of the median-priced home that a buyer earning the estimated median family income can afford to buy, assuming current mortgage rates and a 20 percent down payment for the home. "Although affordability has been trending downward as both prices and mortgage rates have increased faster than the growth in income, excellent opportunities remain in this market for credit-worthy buyers," Theo said. Paintings from Angelski to be displayed Post Staff FRANKLIN – The paintings of Thomas Angelski, a Polish-American artist who lived on Milwaukee's south side, will be displayed for the first time Sunday at the Polish Center of Wisconsin. An opening reception will take place from noon to 2 p.m., featuring a presentation at 12:30 p.m. by Michael Grudzielanek, the great-grandson of the artist. The event is free and open to the public. Advance registration is appreciated. Angelski, who lived from 1884 to 1973, was a student of the Layton School of Art. He painted dozens of scenes from the country, city and seaside over a time span that ranged from the Depression era through mid-century. This impressive collection, never before shown to the public, is on display to celebrate Polish-American Heritage Month during October. The Polish Center is located at 6941 S. 68th St., Franklin, between West Rawson Avenue and West Loomis Road. For more information, call 529-2140 or visit www.polishcenterofwisconsin.org. 234058264 9th & Oklahoma OKTOBERFEST TIME! 933 W. OKLAHOMA Home of the Lucky Lotto $1,000,000 & $50,000 Winner! We will MEET or BEAT any advertised price! Coupon items and soda specials excluded. 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