Check out how the real estate market looked in June! Statewide listings were down 14.4% to 20,802 while the median single-family home price rose 9.4% to $280,000. In June 2022 there were 8,526 homes sold, which was a decrease of 11.1% compared to June 2021. Homes continue to sell quicker including this last June. On average, homes are on the market for 60 days, which is 11.8% less time than June of 2021.
As we pass the halfway point of 2022, market inventory remains low and mortgage rates are expected to rise. According to Dave Clark, Marquette University Economist and WRA Consultant, “the Fed is likely to increase its upward pressure on short-term interest rates to lower these strong inflationary pressures. A full 1% increase of the Federal Funds Rate is increasingly likely in the late July meeting of the Fed’s Federal Open Market Committee.”
Source data provided by the WRA
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