(WTAQ-WLUK) — Home sales dropped and prices rose in October 2023 compared to a year ago, both statewide and in Northeast Wisconsin, according to the newest report from the Wisconsin Realtors Association.
However, the number of new listings rose in October compared to the same month in 2022, which the WRA said was encouraging.
“The largest source of housing supply by far comes from sellers listing existing homes, so it is encouraging to see our new listings grow on a year-over-year basis. Hopefully this trend continues and leads to more affordable options for first-time buyers in the coming year,” Joe Horning, the WRA board chairman, said in a news release.
Mortgage rates continue to rise, however.
“The actions of the Federal Reserve Bank have helped ease inflationary pressures, which will likely cause the Fed to pause its rate hikes for the remainder of the year. And while the growth of real GDP was quite strong in the third quarter, there are signs that consumer expectations regarding the future are beginning to wane. This is actually good news as it suggests that the Fed won’t need to increase short-term interest rates to further slow the economy,” said Dave Clark, a WRA economics consultant.
Statewide, October 2023 home sales totaled 5,932, a 7.2% drop from the 6,392 in October 2022. Median home prices rose 7.7% to $280,000, up from $260,000 the year before.
In Northeast Wisconsin, October 2023 home sales totaled 1,140, a drop from 1,214 in October 2022. Median home prices rose to $267,000, up from $243,250.