Key points from the WRA on the Wisconsin Housing Report for May 2024.
Home Sales: May marks the beginning of the traditional peak season for home sales with this year’s sales rising 11% compared to May 2023. Regionally, home sales rose by double-digit margins in all but one area with the strongest growth seen in the West region of the state.
Home Prices: The median single-family home price rose to $315,000 in May 2024, a 6.9% increase compared to last year.
Inventory: Improved inventories have helped boost sales statewide. New listings have gone up 4.7% compared to May of 2023 and total listings have risen 5.4% over that same period.
Affordability: The average 30-year fixed-rate mortgage hit 7.06% this May, causing affordability to drop to an all-time low.
Mary Jo Bowe, 2024 Chair of the Board of Directors, Wisconsin REALTORS® Association had this to say about mortgage rates and rising home sales:
“While there are certainly some headwinds in this market with average mortgage rates topping 7% in May, it is good to see ongoing sales growth as we enter the peak season for home sales.”
Source data provided by the WRA
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