Key points from the WRA on the Wisconsin Housing Report for January 2023.
Home Sales: Listings increased in February resulting in a 3.1% increase in February home sales compared to 12 months earlier. The total number of home sales for Wisconsin in February 2024 sat at 3,343.
Home Prices: The statewide median price in February increased 5.7% to $275,000 over the last 12 months. The higher prices and higher mortgage rates continue to cause the Wisconsin Housing Affordability Index to fall 7.4% between February 2023 and February 2024.
Mortgage Rates: The 30-year fixed mortgage rate rose about one-half percent over the past 12 months to an average of 6.78% in February. While it is still below the peak rate seen in October 2023, we still saw an upward drift throughout January and February 2024.
Inventory: The housing market remains a seller’s market with just 2.7 months of available supply in February. Inventories remain tight, especially for homes listed at lower price ranges. Alternatively, higher-priced listings had more available supply specifically those at or above $500,000.
Mary Jo Bowe, 2024 Chair of the Board of Directors, Wisconsin REALTORS® Association had this to say about improvements seen in listings
“We continue to see growth in our new listings, and February was particularly strong, rising over 20% compared to this time last year. This bodes well for ongoing improvement in our inventory situation as we move into the peak sales period of late spring and summer.”
Source data provided by the WRA
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