Key points from the WRA on the Wisconsin Housing Report for September 2024.
Home Sales: October home sales rebounded after falling in September. Compared to October 2023, existing home sales rose 3.5%.
Home Prices: Strong demand and tight supply continue to put upward pressure on the median price, which rose 10.7% to $310,000 from last October.
Inventory: Inventory has partly improved due to the spike in listings recorded in October. New listings rose 8.6% compared to a year earlier, pushing total listings up 8% over October 2023. Inventories improved across all urban-rural classifications but remained tightest in Wisconsin’s metropolitan counties. The state still remains a seller’s market and would have needed 12,720 additional listings in October to reach a balanced market.
Affordability: After falling between May and September, the average 30-year fixed-rate mortgage reversed course and increased in October to 6.43%. Mortgage rates are still lower than in October 2023 when the average rate was 7.62%. Although mortgage rates did improve over the last 12 months, the spike in median prices and the tepid growth in median family income over the last year led to little improvement in affordability.
Tom Larson, President & CEO of, Wisconsin REALTORS® Association had this to say about inventory improvements
“We’ve had consistent improvement in our listings beginning in November of last year, and the uptick in both new listings and total listings in October was a good sign. Although months of inventory are tightest in our large cities, they are getting closer to being balanced in Wisconsin’s smaller urban areas and rural communities.”
Source data provided by the WRA
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