This increasing sales trend began last summer and has continued at a healthy pace throughout the fall and winter. Rob Keefe, Chairman of the Wisconsin REALTORS® Association board of directors, noted that sales over the last five months have seen growth rates in double digits without any distortion from federal incentive programs. He also noted that 30-year fixed-rate mortgages have been under 4 percent for the last four months, and the Federal Reserve has continued to keep short-term interest rates low to help nurture the recovery and avoid a double-dip recession.
Existing home sales grew in every region of the state in February, with most increasing over 10 percent compared to the same month last year. Total unsold inventory of homes has fallen significantly over the past eight months. In July 2011, there were nearly 72,000 unsold homes in the state, and that figure dropped to just fewer than 53,000 last month. New listings of homes were also down in February relative to last year.