Weak inventory is limiting home sales in Wisconsin and driving prices up, according to the July report from the Wisconsin REALTORS Association.
July 2023 closings slid 20.8% compared to July 2022, and the median price rose 7.5% to $300,000. This was the second straight month where the statewide median price was at or above the $300,000 mark.
Meanwhile, mortgage rates continue to rise, adding to the challenges for some buyers.
The regional picture was mixed. Sales were down by double digits in all regions, between 16.7% and 25.2% compared to July 2022, but regional price appreciation was more variable.
The more rural regions saw flat to modest increases in median prices over the last 12 months; for example, the West region was down 0.8%, the North region was unchanged, and the Central region was up 3.5%. In contrast, compared to July 2022, median prices rose 6.1% in the South Central region, increased 6.9% in the Southeast region, and rose 14.6% in the Northeast region.
Read the full report here.
