Key points from the WRA on the Wisconsin Housing Report for January 2023.
Home Sales: Home sales rose 3.2% compared to last year’s March. Both existing home sales and median prices increased by solid margins compared to a year earlier reflecting robust demand conditions even as supply remains tight.
Home Prices: The median home price rose to $299,900, a 10.1% increase compared to March 2023. The higher prices continue to hurt affordability.
Mortgage Rates: Mortgage rates have risen throughout the first quarter putting the average 30-year fixed mortgage at 6.82% this March. With the increase in mortgage rates combined with higher median prices, statewide affordability is down by just over 10%.
Inventory: Supply conditions still remain tight, with just 2.9 months of available supply in March. While this is well below the six-month benchmark that signals a balanced market, months of inventory improved in every region of the state due in part to more listings.
Mary Jo Bowe, 2024 Chair of the Board of Directors, Wisconsin REALTORS® Association had this to say about improvements seen in listings
“Total listings have been improving since October, and they’ve been up by double-digit margins on a year-over-year basis for the last two months. This has helped push first-quarter sales up for the first time since 2021. Hopefully this trend continues as we move into the all-important summer sales period.”
Source data provided by the WRA
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