November sales of existing homes in Wisconsin rose 4.2%, keeping the state on track for a record year, the Wisconsin Realtors Association said.
At the same time, prices climbed as the inventory of homes remained tight, especially in the state's more urban areas.
Meanwhile, a separate report showed U.S. homebuilders are feeling more optimistic than they have in nearly two decades.
"We've had strong home sales over the past two months, which is especially noteworthy given the ongoing inventory problems in the state," Peter Sveum, chairman of the Wisconsin Realtors Association, said in a statement.
Wisconsin recorded 6,213 closings in November, up from 5,960 in November 2016.
The median price of homes sold in the state jumped 5.6% from November last year, to $170,000 from $161,000.
Through 11 months of this year, 77,216 homes were sold, or 1.5% more than 76,062 in the same period in 2016. If the annual pace of sales continues through December, the state will easily surpass the record sales of 81,797 in 2016, the Realtors group said.
"We're definitely outperforming expectations, and that's due in no small part to the efforts of Realtors who continue to do more in terms of generating sales, with less in terms of available inventory," Sveum said.
The increase in sales was widespread across the state, with most regions seeing increases in the 2% to 3.5% range over the last 12 months.
Also, the National Association of Home Builders/Wells Fargo
Readings above 50 indicate more builders see sales conditions as good rather than poor. The index has remained above 60 since September 2016.
More buyers are turning to new construction due to an ongoing dearth of existing homes for sale. However, new construction has been unable to keep up with demand.
Potential buyers are searching for homes amid a healthy job market with a 4.1% unemployment rate and attractive 30-year mortgage rates that are averaging less than 4%.
