Here is a quick overview of the statewide real estate statistics for the month of August, courtesy of the Wisconsin REALTORS® Association. Statewide statistics for the month of August continue to follow the overall downward trend that we’ve seen in recent months. Compared to August of 2021, home sales across Wisconsin fell by 10.4%, down to 8,289 total units sold. Statewide total listings dropped by over 20% with total listings sitting at just over 20,000. The average sale price increased by 8.4% to an average price of $271,000. The smallest drop of 6.2% came from average days on market, which now sits at 61 days. This number had remained fairly constant over the past couple of months and will continue to do so until more inventory hits the market.
The big highlight in recent months has been the uptick in mortgage rates, which has taken a significant toll on housing affordability. As Dave Clark, Marquette University Economist and WRA Consultant said, “Inflation peaked at 9.1% in June and has moderated only slightly, remaining above 8% in both July and August.” Clark went on to say, “The Fed has emphasized its resolve to get inflation rates back to its 2% target, and that translates into aggressively raising short-term interest rates.” Given this, we should expect to see higher interest rates for the time being in an effort to reduce inflation and stabilize the housing market as a whole.
Source data provided by the WRA
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