The price of a median home last month in Wisconsin last month rose to its highest level since May 2007.
The price rose to $165,000, a 3.1 percent increase compared to May 2015, according to the Wisconsin Realtors Association.
The numbers are “another indication we’ve finally recovered” from the drop in home prices after the recession, said WRA President and CEO Mike Theo. Theo said the rise in prices was partly due to the tightening inventory of homes for sale.
Home sales, meanwhile, increased 2.9 percent compared to May of last year — the highest percentage for May since 2005. In all, 8,044 homes were sold last month, compared to 7,816 in May 2015.
So far this year, 28,219 homes have been sold, up from 26,700 in the same period in 2015. That amounts to a 5.7 percent increase for the year.
K.C. Maurer, the WRA board chairman, said the strong year so far has been “fueled by a strong overall economy and very good mortgage rates.”