Key points from the WRA on the Wisconsin Housing Report for August 2024.
Home Sales: Due to the median price increase, existing home sales declined 4.7% during the last 12 months. Still, the year-to-date picture reflects solid sales growth and strong price appreciation. Home sales through August 2024 were 5.3% stronger than the first eight months of 2023.
Home Prices: The decline in inventories pushed the statewide median price up 8% to $324,000 this past August.
Inventory: For the second month this summer, new listings tightened in August compared to the same month last year. Tighter inventories have led to higher prices and weaker sales in August.
Affordability: The 30-year fixed-rate mortgage continues to improve, falling just over a third of a percent in August. The average rate dropped from 6.85% in July to 6.5% in August. The average rate in August last year was 7.07%. Even with the improved mortgage rates over the last 12 months, the rise in house prices kept statewide affordability low.
Tom Larson, President & CEO, Wisconsin REALTORS® Association had this to say about the slowdown in new listings:
“Growth in new listings was solid during the first five months of the year, but the summer has been a different story. New listings weakened in June, had a small rebound in July, but fell back again in August. We do think new listings will improve if the downward trend in mortgage rates continues.”
Source data provided by the WRA
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