Key points from the WRA on the Wisconsin Housing Report for July 2024.
Home Sales: New listings bounced back in July after an unexpected decline in June listings and home sales. July’s bounce back helped grow existing home sales statewide. New listings rose 4.8% in July 2024 from July last year. Every region of the state saw year-to-date sales grow.
Home Prices: The median price increased 8.3% from last July to $324,900. Year-to-date median price increases were more consistent across the regions, rising between 6.5% and 8.9% compared to the first seven months of 2023.
Inventory: Week inventory continues to show a strong seller’s advantage statewide with just 3.6 months of supply. However, inventory was higher for homes selling in the $350,000 to $499,999 price points at 4.2 months, and those $500,000 and higher have enough supply to be considered balanced.
Affordability: For the second straight month, the 30-year fixed-rate mortgage improved. After rising to an average of 7.06% in May, it fell to 6.92% in June and 6.85% in July. This puts the July 2024 rate just one basis point above its level in July 2023.
Tom Larson, President & CEO, Wisconsin REALTORS® Association had this to say about optimism in affordability:
“Rising home prices and higher mortgage rates are primary reasons that affordability has suffered the last couple of years. The recent increase in new listings has led to a slight moderation in our price appreciation over the last year, and although mortgage rates have remained stubbornly high, we’ve seen the 30-year fixed mortgage rate fall for a second straight month. Hopefully these trends continue and lead to improved affordability.”
Source data provided by the WRA
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