The Milwaukee Post

By DWAYNE BUTLER Post Staff MILWAUKEE – On the heels of last week's local report that home sales remain behind last year, the same can be said for all of Wisconsin. Its existing April home sales fell even as median prices continued to grow, according an analysis of the state real estate market. The Wisconsin Realtors Association released data Monday that reported home sales were behind 11.6 percent in April com- pared with the same month in 2013 while the average price of a single-family home grew 1.4 percent to $139,900. The state sold 5,306 homes in April com- pared with 6,002 in the same month a year ago. Higher home mortgage rates, higher median prices and the effects of the harsh winter – particularly in the northern part of the state, which received heavy snowfall as late as mid-April – are reasons for sales being behind, according to a WRA news release. "As we enter the second quarter of the year, we have been expecting some improve- ment in home sales, but it's important to remember that April sales are still impact- ed by the February weather given the six-to- eight week lag between the time an offer is accepted and a closing takes place," WRA Board of Directors Chairman Steve Lane said in a news release. April home sales were behind in every region of the state. The Central region fared the best, falling just 3.8 percent when compared with April 2013. The Northeast region was behind 8.5 percent, the South Central region 9.6 percent, and the Southeast region, which includes Milwaukee and Waukesha and six other counties, 10.1 percent. The hardest-hit regions were the North and the West, which dropped 17.4 and 25.5 percent, respectively. In a closer look, home sales were behind more substantially in the metropolitan counties (13 percent) than rural counties (7 percent) between April 2013 and April 2014, the report noted. Rural counties also had more inventory versus metropolitan coun- ties – 14 months to 6.9 months. Home prices inch upward Meanwhile, April median home prices were ahead for the second consecutive month, albeit slightly. Last year, Wisconsin median prices increased 7.2 percent com- pared with 2012, and they were up 4.2 per- cent in the first quarter of 2014 relative to that quarter in 2013. In contrast, the price increases the last two months have been less than 2 percent on an annual basis, which the WRA said is more in line with general inflationary trends. "The relatively slower pace of sales over the last four months has allowed our inven- tories to increase this year, although we are still below April 2013 levels," said Michael Theo, WRA president and CEO. The inventory of unsold homes stood at 8.9 months in April compared with 9.4 months in April 2013. "We always expect our inventories to expand in the winter since home sales cool off, and our inventories have increased quite a bit this year, which has helped sta- bilize our prices," Theo said. The Wisconsin Housing Affordability Index, which measures the percent of the median priced home that the household with median family income can afford to buy at current mortgage rates, assuming a 20 percent down payment, stood at 231 in April compared with 252 in April 2013. The WRA said the figure could improve as long as the economy improves from a stagnant first quarter and the jobs rate con- tinues in a positive direction following a stronger-than-anticipated national report for April. "Wisconsin still has very affordable housing, which is an asset that continues to be a solid hedge against inflation. The key to sustained growth in the housing market is a growing economy, so we hope the cur- rent employment trends continue," Theo said. Contact Dwayne Butler dbutler@conleynet.com 6 • Milwaukee County Post • May 23, 2014 State real estate market behind last year's April home sales down 11.6%; median prices slightly ahead Choir concert June 14 at Salvation Army Center SOUTH MILWAUKEE – The Milwaukee Circle Choir of Sts. Peter and Paul Polish National Catholic Church will perform a concert of religious, secular and Polish music June 14 at the Salvation Army Centennial Community Center, 8853 S. Howell Ave., Oak Creek. The 7 p.m. show also will feature guest choirs from Detroit, Cleveland and Chicago, featuring more than 40 voices. Tickets are $10, and children under 12 are free. They can be ordered by calling 414- 529-1388 or purchased at the door. There will be a reception following the concert. Mitchell Park Fourth of July Association seeks new members MILWAUKEE – The Mitchell Park Fourth of July Association is seeking more volunteers to help organize and judge activ- ities for this year's Fourth of July event. The association is seeking volunteers, convertibles and antique cars, bands, floats and groups to participate in the annual Fourth of July parade. In addition, interest- ed individuals are urged to offer and share their ideas toward planning the holiday event. The group's next meeting is at 7 p.m. Tuesday at the park's pavilion, 524 S. Layton Blvd. For more information, call Louise Dahms at 645-9095 or David Yets at 545-7440. AREA BRIEFS $1,250 Cool Cash Greenspeed Rebate ($1100 59MN7/25VNAU + $150 Infinity Touch WiFi control) + $225 59MN7 (NG) FOE reward. D&M Heating and Air Conditioning 4227 S. 13th St. Milwaukee 414-281-5350 "At Your Service" www.dmheating.com • Prompt, professional service since 1979 238212047 Great Get up to $1,475 Cash-Back Rewards on a Carrier Infinity Greenspeed Intelligence System Get Both High Efficiency & Savings! 24 HOUR SERVICE ON ALL MAKES AND MODELS No need to replace the entire window, replace only the glass at a fraction of the cost! 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