Here is a quick overview of the statewide real estate statistics for the month of July, courtesy of the Wisconsin REALTORS® Association. Compared to July of 2021, statewide home sales fell by just over 19% to 7,750 total units. Statewide listings also dropped by 14.4%, down to 20,802 total listings on the market. Homes continued to move quickly as the average days on market was just 60 days, down 9.1% compared to July of last year. The average median single-family home price peaked at $279,000, an increase of 11.3% compared to the previous year, but a drop of $1,000 compared to June of this year.
Looking at the numbers, it’s easy to incorrectly assume that home sales are doing poorly compared to the sales numbers we saw in 2021. But as Brad Lois, Chairman of the Board of Directors for the WRA explains, there’s more than meets the eye. He said, “The weak inventories combined with higher mortgage rates really took a toll on sales in July. Home sales were down by double-digit margins in every region of the state. It is important to remember that 2021 was a record for existing home sales in Wisconsin, so these year-over-year comparisons are relative to a very strong 2021 housing market.”
Source data provided by the WRA
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