— While statewide home sales and listings were still down year-over-year in September, the latest Wisconsin Realtors Association report shows some areas of improvement.
WRA Board of Directors Chairman Joe Horning notes the annual decline in new home listings was below 4% for the second month in a row — a “significant improvement” from recent trends where the decline was more steep.
“Now we’re starting to see promising signs for total listings as well, which had the lowest annual reduction in total listings in nearly two years,” he said in a statement. “Hopefully these supply trends continue.”
Despite the positive trend in the new listings figures, the number of active listings fell 7.2% over the year in September, from 19,685 to 18,275.
Over the same period, monthly home sales were down 18.4%, falling from 7,602 in September 2022 to 6,205 last month. That trend and other factors have driven up the median home price in Wisconsin by 9.3% over the year, from $270,000 to $295,000.
At the same time, inventory levels saw a 17.9% improvement over the year, increasing from 2.8 months of inventory to 3.3 months. But WRA says supply overall “remains very tight,” as the state would need to see a 77% increase in listings to get back to a balanced market.
WRA President and CEO Michael Theo noted in the report that mortgage rates are the highest they’ve been since late 2000, keeping many first-time buyers from purchasing a home. Mortgage rates averaged 7.2% last month, compared to 6.11% in 2022 and just 2.9% in 2021, the report shows.
“This means our available supply goes further, which is why our months of inventory have improved slightly,” Theo said. “But we still have a long way to go before millennial demand is met and the housing market becomes balanced.”
Meanwhile, Marquette University Professor Emeritus Dave Clark said major housing price “corrections” — like those seen during the Great Recession — are unlikely given the current scenario. Clark is a consultant for the state realtors group.
“We’re in a much different situation now,” he said in the report. “Although rising home prices and rising mortgage rates have pushed affordability to record-low levels, there is very little chance we will see a similar price correction in this market.”
See the full report: https://www.wra.org/HSRSep2023/
Listen to a WisBusiness.com podcast with Clark: https://www.wisbusiness.com/2022/wisbusiness-the-podcast-with-dave-clark-marquette-university/
— WARF is seeking partners to commercialize a method for “bioprinting” human neural tissues, which are useful for screening drugs and studying neurological diseases.
The Wisconsin Alumni Research Foundation recently highlighted this research as a top licensing prospect in the health care space. The work was led by Su-Chun Zhang, a neuroscientist and stem cell expert at UW-Madison.
His method for printing neural tissues allows cells to form neural networks in a laboratory setting, according to a summary from WARF. Researchers like Zhang study interactions between brain cells to better understand various diseases including Parkinson’s, Alzheimer’s and autism spectrum disorders.
But WARF notes studying those interactions “remains challenging due to the lack of a reliable model” that can represent living human neural tissues. The summary highlights “3-D bioprinting” as one solution, as living cells and other materials can be used to create complex biological structures.
“While printing neural tissues is not novel, this method enables printed tissues to form functional neural networks in a fraction of the expected time,” summary authors wrote, noting such networks can be formed within weeks.
No comparable model is currently available, according to WARF, as this approach “provides the shortest available turnaround time” for generating a functional neural network.
It’s already been used to model Alexander disease, an often fatal neurological condition. Results from that work show disease indicators can be detected in the printed human neural tissues.
See the tech summary: https://www.warf.org/technologies/summary/P220006US02/
See more on Zhang’s work: https://wisc.discovery.academicanalytics.com/scholar/stack/279400/SU-CHUN-ZHANG
<i>For more of the most relevant news on COVID-19, reports on groundbreaking health research in Wisconsin, links to top stories and more, sign up today for the free daily Health Care Report from WisPolitics.com and WisBusiness.com.</i>
Sign up here: http://forms.gle/o8FtqTLviGJPja8C9
— The state Department of Workforce Development has announced a $90,000 campaign aimed at educating employers and workers about employee misclassification.
That refers to employees being “incorrectly and illegally” treated as independent contractors, according to the release. DWD says this practice results in wage theft, tax avoidance, employers missing out on protections such as unemployment insurance and worker’s compensation.
Plus, the agency notes employers misclassifying their employees get an “unfair competitive advantage” over other businesses.
The campaign will include bilingual billboards in Milwaukee and Green Bay and Spanish language radio ads, as well as brochures and social media posts. And DWD has an updated website with information on this topic.
Funding for the effort comes from a $6.4 million U.S. Department of Labor grant the agency received last year, the release shows.
See the release: https://www.wisbusiness.com/2023/dept-of-workforce-development-launches-campaign-to-combat-worker-misclassification/
See more: https://dwd.wisconsin.gov/misclassification/
— A team of UW-Madison students has won an innovation challenge at the annual convention of the National Electrical Contractors Association in Philadelphia.
This was the university’s first time competing in the Electrical Contracting Innovation Challenge, according to a release announcing the first-place award. And it was the first majority-female team to win the competition since it began nearly 20 years ago.
UW-Madison student, Construction Club President and team member Elyse Miramontes said the university club is “pretty women dominated in terms of our leadership board which is really great because you don’t see that in many places.”
The contest offers college students a chance to get experience with managing an electrical construction project. Other UW-Madison team members included Colin Schiesl, Michael Warntjes, Sophia Wendleburg, Alexa Rademacher and Kristin Heise.
See more in the release: https://www.prnewswire.com/news-releases/the-university-of-wisconsinmadison-wins-the-2023-electrical-contracting-innovation-challenge-with-first-majority-female-team-301962627.html
#TOP STORIES#
# Milwaukee Jewish and Muslim film festivals coincide with war abroad
# Bigger bang for the Bucks: A new coach, a major acquisition and a new owner create new business opportunities for Milwaukee’s NBA team
# Wages in Wisconsin continue to grow more than 5% year-over-year
#TOPICS#
# AGRIBUSINESS
– Baldwin announces $2.5 million to support Wisconsin agricultural innovation
http://wisconsinagconnection.com/story-state.php?Id=942&yr=2023
# CONSTRUCTION
– More than $12 million in capital projects are in store for the Waukesha School District.
– ‘Beacon of light and hope’: St. Patrick restoration concludes with spire, steeple, cross set back in place
# EDUCATION
– Wisconsin corn foundation scholarship applications open
http://wisconsinagconnection.com/story-state.php?Id=940&yr=2023
# FOOD & BEVERAGE
– Ahan reopens Friday in former Eldorado Grill spot on Willy Street
# HEALTH CARE
– 100 Milwaukee babies die before their first birthday. Health, faith leaders gather to discuss why.
# MANUFACTURING
– Wauwatosa Fire tours a Brookfield manufacturer’s electric firetruck
# REAL ESTATE
– Dane County to turn former brewery building into elections center
– Dane County looks to convert brewery into ‘secure’ elections center
– Jerry Franke tapped to lead remake of former Chrysler property into Kenosha Innovation Neighborhood
– Greenwald Gardens and Manor near Mukwonago to be sold at auction
– Rite-Hite buys Mount Pleasant industrial building for $17.5 million
# REGULATION
– Unions would be allowed at workplace inspections under OSHA proposal
# RETAIL
– ‘We’re here to sell great experiences’: Howie’s Tackle in Sturgeon Bay reels in customers with quality of service
# SMALL BUSINESS
– U.S. small business administrator talks local growth Green Bay visit
# SPORTS
– Pickleball facility to refill former Pick ‘n Save in Milwaukee area
# TECHNOLOGY
– Kwik Trip blames network system disruption on cybersecurity incident
# PRESS RELEASES
<i>See these and other press releases:
http://wisbusiness.com/index.iml?Content=82 </i>
Festival Foods: Vendor partners, guests make donation to Food for Neighbors for Family Meals Month
Wisconsin Veterans Community Foundation: Veterans Day Parade