Is now the time to buy a home? New report shows home prices up 10% from last year

MILWAUKEE (CBS 58) – A new report from the Wisconsin Realtors Association says home prices across the state are up 10% from this time last year.

"There's certainly a lot less properties on the market right now and that's really what is increasing prices," said Scott Bush, vice president, Greater Milwaukee Association of Realtors.

According to the Wisconsin Realtor Association data report, demand has driven sales and prices up, however it says supply is still a problem. Bush says first-time homebuyers are feeling the pressure.

"The rates now do put pressure on the first-time homebuyer market, and we need those first-time homebuyers to get into the marketplace. But rates have been in single digits for probably 35+ years, so historically, the rates right now are about average," Bush explained.

Shorewest Realtor Sue Derby says you are better off buying now rather than waiting for interest rates to fall or supply to increase.

"If they just stay in their house maybe 5-7 years, they’re going to build some good equity. Although they might be discouraged about what their dollars might be able to afford right now, I try to remind them, they shouldn't be shopping for their forever house yet," said Derby.

Derby doesn't see a solution for the lack of supply.

"The cost of building is so high now, we only have so much land to build on," Derby explained.