Key points from the WRA on the Wisconsin Housing Report for January 2023.
Home Sales: Wisconsin home sales jumped 7.4% in January 2024 compared to the levels in January 2023. This is the first annualized monthly increase in home sales since December 2021.
Home Prices: The median home price in January 2024 rose 6% to $265,000 relative to the same month in 2023. With the increase in prices and higher mortgage rates, affordability has been pushed down.
Mortgage Rates: A 30-year fixed mortgage rate has receded from its peak of 7.79% with the average January 2024 rate at 6.64%.
Inventory: Both new and total listings saw improvement in January. New listings were up 10.1% in January 2024 compared to January 2023. With more homes finding their way onto the market, we are still at a significant seller’s advantage. However, statewide months of supply did improve by 19% over the past 12 months.
Source data provided by the WRA
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