Key points from the WRA on the Wisconsin Housing Report for September 2023.
Home Sales: Home sales dropped 18.4% between September 2022 (7,602 sales) and September 2023 (6,205 sales).
Home Prices: The median home price for Wisconsin in September 2023 was $295,000, a 9.3% increase from September of last year.
Affordability: Affordability continues to suffer with the index sitting at 123 for the second straight month, its lowest point since the WRA began tracking in 2009.
Mortgage Rates: Mortgage rates averaged 7.2% this September and the increase has affected both the demand and supply sides of the market. Current homeowners may be reluctant to list while buyers may pull out of the market, given the higher cost of financing a new home. These higher rates are also particularly challenging for first-time buyers who rely more heavily on financing to purchase a home.
Inventory: Overall, supply remains very tight. With just 3.3 months of supply in September, the state remains well short of a balanced market. There were only 18,275 listings in September, we would need a 77% increase in listings to get back to a balanced market.
Source data provided by the WRA
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