Housing market loosens slightly in Wisconsin

Home construction

New data from the Wisconsin Realtors Association indicates that the state’s tight housing market is showing signs of loosening.

Wisconsin Public Radio reports the data shows that the state had nearly 7,300 sales of existing homes last month, an almost 5 percent increase from October 2016.

Marquette University economist David Clark says an increase in housing supply will help address the growing problem of housing affordability in the state. But Clark says one month of improvement won’t guarantee that the market will continue to improve.

Clark says despite the improvements to the housing supply, the Wisconsin housing market will likely favor sellers for some time, particularly in urban areas.

The median home price in the state rose to $175,000 last month, a more than 6 percent increase from October 2016.