Statewide home sales in July dipped 0.3% over the year as home prices and total listings increased over the same period, the Wisconsin Realtors Association reports.
The group’s July report shows 6,820 homes were sold in Wisconsin last month, down slightly from 6,843 in July 2024. At the same time, year-to-date home sales are 0.5% higher than during the same period of 2024, WRA says.
While sales last month were “relatively flat,” total listings were on the rise. The number of listings in the state increased 7.3% over the year, from 21,452 in July 2024 to 23,109 last month.
“All of our measures of inventory improved in July, which continues a general trend we’ve seen since April,” WRA Board of Directors Chair Chris DeVincentis said in the report. “Addressing the inventory shortage is key to improving sales and moderating the rapid appreciation of prices.”
While large metropolitan counties in Wisconsin had 3.6 months of supply in July, counties with smaller “micropolitan” cities had 4.3 months of supply. And rural counties with populations below 10,000 residents were “essentially balanced” with 5.9 months of supply, WRA says.
That higher inventory level led to better sales growth in rural parts of the state, the report shows, as inventory growth in the state’s northern region rose 13% to 6.1 months of supply while closed sales also increased 12% over last year.
Still, overall affordability for the state “remained low” in July, rising just 1.7% over the year.
Wisconsin’s median home price rose 4.5% over the year from $322,500 to $337,125 last month.
WRA President and CEO Tom Larson notes housing affordability is a national problem. Though the Midwest region is doing better than other parts of the country, he says “we’re not immune” to this problem.
“The moderation of price appreciation and income growth both help, but the stubbornly high mortgage rates have kept Wisconsin affordability near record-low levels,” he said. “Hopefully we see mortgage rates improve over the next year.”
The average 30-year fixed mortgage rate fell from 6.85% to 6.72% over the year, the report shows.
See the report.
