Here is a quick overview of the statewide real estate statistics for the month of October, courtesy of the Wisconsin REALTORS® Association. Many different factors in the housing market continue to contribute to the recent decline in home sales. Existing home sales fell by 28.1% compared to October 2021, the largest margin so far this year. The median home price in October came in at $260,000, which is a decrease compared to $270,000 in September. Low inventory numbers continue to promote a strong seller’s advantage in the market with an estimated 2.6 months available supply of inventory on the market across the state of Wisconsin.
There are still some positives in all of this, mainly that a slower housing market will help slow inflation. According to David Clarke, Marquette University Economist and WRA Consultant, “…the cost of housing is a large determinant of the Consumer Price Index, which is used to measure inflation. Indeed, shelter accounts for about a third of consumer spending, and hence the rapid increases in home prices we experienced have fueled inflation. A cooling housing market will help to reduce inflation pressure.” A combination of decreased home sales and higher Federal rates have caused the inflation rate to drop to 7.7%, which is the lowest rate since January of this year. This means that we could see the inflation rate continue to drop if market conditions stay along this path, but only time will tell.
Source data provided by the WRA
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