The average mortgage rate and time homes have been on the market increased in August compared to last year, the Wisconsin Realtors Association monthly report shows.
Mortgage rates are nine basis points higher on average than last year, up to 6.59% this August. And homes were on the market an average of 69 days compared to 66 days in August of last year before selling. But home sales during the peak selling months of the year, May through August, also increased by 3.3% over the same period last year.
The statewide median home sale price also rose 1.8% to $338,000 from a year ago.
“Improving inventory, moderating price appreciation and increasing days on the market are signs that the strong seller’s markets we’ve seen over the last few years continue to soften,” WRA President and CEO Tom Larson said. “This is welcomed news for young families still struggling to buy their first home.”
See the report.
