MADISON, Wis. - Some local realtors are frustrated there are fewer homes on the market for buyers to choose from.
Experts say a low inventory is contributing to declining home sales in Wisconsin.
According to the Wisconsin Realtors Association, home sales in the state fell by nearly 11 percent in April 2017 compared to April 2016. In the last two years, the number of homes on the market decreased by an estimated 15,000.
Jason Geiger, a broker from Geiger Realtors, said low inventory levels are continuing to push home prices up in the state.
“With the combination of prices rising and low inventories, buyers are kind of holding off, and some of them are getting pushed out of the market, some of them are signing leases and just kind of giving up right now,” Geiger said.
The median price for homes in March was about $265,000, which is a $25,000 increase from the year before.
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