Homes in Wisconsin are more unaffordable than ever, according to this month’s Wisconsin Realtors Association report. However, the report indicates home sales and prices rose last month compared to May 2023.
“This is a tough environment for buyers given the high mortgage rates and limited supply of available homes on the market,” WRA president/CEO Tom Larson said in a news release. “We have tracked Wisconsin’s affordability level since 2009, and unfortunately affordability hit its all-time low point in May. The good news is that supply has been improving since late last year, which has moderated the rate of price appreciation. Hopefully, mortgage rates also will moderate and help improve our affordability during the summer sales period.”
According to the report, May 2024 home sales were up 11% over the previous year. The median price of a home statewide was $315,500, up 6.9% over the past 12 months.
Inventories improved, with new listings up 4.7% compared to May 2023, and total listings up 5.4%.
May begins the traditional busiest time of year for home sales, with about 43% of closings taking place between May and August in a typical year.