Key points from the WRA on the Wisconsin Housing Report for June 2024.
Home Sales: There was a 10.5% decline in June home sales over the past 12 months. Two factors of this were new listings falling and high mortgage rates. Still, Wisconsin’s growth in home sales was solid at the halfway point of the year.
Home Prices: The median home price increased 7.4% in June 2024 compared to last June. This put the average single-family home price at $327,000.
Inventory: The months of inventory improved statewide to 3.5 months but still remained below the six-month benchmark which signals a balanced market. Urbanized areas of the state remain a strong seller’s market however we are seeing rural areas get closer to a balanced market.
Affordability: Ongoing price pressure and high mortgage rates have taken a toll on affordability in the state. This past June the Wisconsin Housing Affordability Index fell 8%, hitting a new record low in June.
Mary Jo Bowe, 2024 Chair of the Board of Directors, Wisconsin REALTORS® Association had this to say about growth in new listings – “The drop in home sales was disappointing, especially given that June is typically our peak month for sales. Hopefully the unexpected drop in new listings is an aberration, and we’ll see new listings bounce back in July, which will help grow home sales.”
Source data provided by the WRA
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