Here is a quick overview of the statewide real estate statistics for the month of April, courtesy of the Wisconsin REALTORS® Association.
April 2023 home sales were 32.5% lower than April 2022. Given the average pace of sales over the last 12 months, we would need 20,987 additional homes available for sales to get a balanced market.
The median home price rose to $283,000, a 6.8% increase from April 2022 to April 2023. The combination of higher home prices and higher mortgage rates caused housing affordability to fall 13.7%. The index fell from 161 in April 2022 to 139 in April 2023. With the decrease in housing affordability, the average amount someone can finance is $393,370.
Weak inventories continue to be the primary constraint on home sales. Over the past 12 months, new listings are down 32.6% and total listings are down 20.7%. There continues to be a very strong seller’s advantage in the market. There were just 2.5 months of available supply in April, unchanged from a year earlier.
Michael Theo, President & CEO of the Wisconsin REALTORS® Association, had this to say about the price pressure in the market “Home prices are still going up but at a slower pace than last year. In fact, the median price of Wisconsin homes sold in 2022 was 10.4% higher than 2021 median prices. In contrast, the housing price appreciation rate for the first four months of 2023 was only 7% higher than the first four months of 2022, suggesting demand pressure is easing.”
Source data provided by the WRA
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