County home sales paint familiar picture in October

Dane County’s existing home and condo sales in October showed fewer homes for sale, which continues to push median prices higher.

Sales in October (592) were 12.6 percent lower than the previous October (677) and increased the year-over-year median price to $295,000 compared to $273,000 a year earlier.

Statewide, the story continues to be inventory weakness. “We’ve got very favorable mortgage rates and a healthy state economy, but until we break through on the supply side, sales will struggle to grow, and prices will increase at a fast pace,” said WRA President & CEO Michael Theo in a release.

The 30-year fixed-rate mortgage rate was 3.69 percent, not far from the all-time low of 3.35 percent in November and December 2012.