Wisconsin Housing Market Fast Facts July 2022

  • Existing home sales declined 19.2% July 2021 to July 2022. The inventory problem continued to put strong upward pressure on home prices, as the median price rose 11.3% to $279,000 over that same period. The reason?? It’s a little of everything: not enough homes for sale, rising mortgage rates, and the economy as a whole.
  • A balanced housing market, meaning not a seller’s market and not a buyer’s market – but BALANCED would be 6 months worth of inventory. Last year July 2021 there was 3.2 months supply of inventory. This year July 2022 saw 3 months worth of supply. Not big movement, however, still very much so a seller’s market.
  • Not EVERY price range is so heavily in the seller’s market spot. Homes that are priced $500k and higher are on the more balanced side of the spectrum. 5.6 months worth of supply is what that price range is indicating.
  • Mortgage rates have continued to remain above 5%. This is the 30 year fixed mortgage rate we are talking about. July 2021 the mortgage rate was 2.87%. July 2022 saw 5.41%. Keep in mind, this is on top of the increasing housing prices. All this in turn has priced would-be home buyers out of the market.
  • Has this slowed down the housing market in Green Bay, WI? NO

 

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