(WTAQ-WLUK) — The average home in Wisconsin is now selling for $300,000 as prices in the northeastern region of the state have risen more than anywhere else.
The Wisconsin Realtors Association released its July report on Thursday. It shows home sales fell more than 20% from July 2022. Prices rose 7.5% year-over-year and averaged more than $300,000 for the second month in a row.
In Northeast Wisconsin, the average price rose 14.6% year-over-year to $275,000.
Real estate agents blamed low inventory for the slowdown in sales and the spike in prices.
“A balanced market is six months of supply, and so it was good to see some movement toward that benchmark in our rural counties,” WRA board chairman Joe Horning said in a news release. “However, we still have very low inventory levels in our urban areas, which is making it difficult for younger households to effectively compete for homes.”
The WRA also said the Federal Reserve’s future action on interest rates would have an effect on home sales as well.
