Key points from the WRA on the Wisconsin Housing Report for October 2023.
Home Sales: Existing home sales fell by just 7.2% in October 2023 compared to last October. This is the first time since August 2022 that the annualized decline in sales has been in the single digits.
Home Prices: The median home price for October 2023 was $280,000 which was a 7.7% increase from October 2022.
Mortgage Rates: Mortgage rates averaged 7.62% in October, up slightly from September, which sat at 7.20%, and October 2022, when they were 6.90%. With mortgage rates continuing to rise, the demand pressure softens slightly as we move into the off-peak housing market.
Inventory: We stay in a strong seller’s market with just 3.3 months of supply, well short of the benchmark of six months which signals a balanced market. There has been a continued improvement in supply compared to last October with just 2.7 months.
Michael Theo, The President & CEO of the Wisconsin REALTORS® Association has this to say about opportunities in off-peak season:
“This is still a challenging market for buyers, but at least we are seeing some slight improvement on the supply side. This is a good time for buyers to remain engaged with their REALTOR®. Price pressure typically softens a bit in the off-peak season because there are typically fewer competitors during the late fall and winter months.”
Source data provided by the WRA
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