Weak inventories limited sales of existing homes and drove prices up significantly. July 2023 closing declined 20.8% compared to July 2022. Sales were down between 16.7% and 25.2% throughout all regions compared to July 2022, but regional price appreciation was more variable.
The median home price rose to 300,000, a 7.5% increase from last year. This is the second straight month where the statewide median price was at or above the $300,000 mark. The Wisconsin Housing Affordability index stood at 125 for the second straight month.
The amount of available supply improved slightly relative to July 2022, while new and total listings continued to fall. New listings dropped 17.7% over the past 12 months, and total listings fell 20.7%. Interestingly, months of inventory saw the largest improvement in rural areas over the past 12 months.
Joe Horning, 2023 Chairman of the board of Directors, Wisconsin REALTORS ® Association says
A balanced market is six months of supply, and so it was good to see some movement towards that benchmark in our rural counties. However, we still have very low inventory levels in our urban areas, which is making it difficult for younger households to effectively compete for homes.”
Source data provided by the WRA
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