(WTAQ-WLUK) — Home sales are down and prices are up as a seller’s market continues in Wisconsin.
The August report from the Wisconsin Realtors Association shows sales were 18.3% lower than in August 2022. Prices were up 10% over that span, with the median house in the state costing $300,000. It was the third month in a row the median price was at or above $300,000.
The median home price in the northeast region was $271,000.
Inventory improved, the realtors said, in all price ranges and for urban-rural classifications.
“We’ve been accustomed to year-over- year reductions in new listings that exceed 20%, so hopefully this signals a turning point in our inventory problems,” WRA board chair Joe Horning said in a news release.
Mortgage interest rates continued to be a concern for real estate agents.
“Mortgage rates are moving in the wrong direction. The average 30-year fixed-rate mortgage increased to 7.1% in August from 5.2% just a year ago. We’re seeing what this does to affordability, and it’s keeping some first-time buyers on the sidelines,” WRA president/CEO Michael Theo said in a news release. “Hopefully we see rates begin to fall as we move out of the peak season for home sales.”
