PC: Fox 11 Online
(WTAQ-WLUK) — Homes in Wisconsin continue to be less affordable than ever.
The Wisconsin Realtors Association’s June report shows the median price of a home in the state was $327,500, a 7.4% increase from May. In the northeast region, the average home cost $302,000.
Those numbers compare to a national average of $426,900, which the National Association of Realtors said was a record high for the U.S.
“This is the second straight month that Wisconsin affordability hit record-low levels due to a combination of rising prices and higher mortgage rates,” WRA president/CEO Tom Larson said in a statement. “With the 30-year fixed rate at more than twice its pre-pandemic level, it’s important to bring those rates down. Lowering the borrowing expense for first-time buyers would lower their financing costs. In addition, it would also help increase supply as existing owners would be more willing to list their homes if right-sizing did not substantially increase their mortgage rates.”
Inventory improved to 3 1/2 months’ supply, which real estate agents said remains below the six-month supply that signifies a balanced market.
New listings in June 2024 were 10.5% lower than June 2023 levels.
“The drop in home sales was disappointing, especially given that June is typically our peak month for sales,” WRA board chair Mary Jo Bowe said. “Hopefully the unexpected drop in new listings is an aberration, and we’ll see new listings bounce back in July, which will help grow home sales.”
Agents said the possibility of interest rate cuts by the end of the year could make mortgages more affordable.
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