WISCONSIN (WTAQ-WRN) — Low inventory is driving down home sales in Wisconsin.
Wisconsin Realtors Association President & CEO Mike Theo says demand is outpacing supply.
“And that fact has really hurt our housing affordability, with that imbalance between supply and demand.” said Theo.
A new report finds median home prices have increased nearly 12 percent in the past year.
“Today, it’s very, very difficult to build a house like the starter homes that we had back when I was a kid.” said Theo. “And so, a good hard look at some of the regulations that we put on new development for what we call workforce housing, is really a big part of that solution.”
High demand and low supply have boosted the price of homes. The report found that the median price of homes rose 11.7% from February 2022 to February 2023.
