Wisconsin’s housing market showed signs of moderation in November, while key indicators continued to point toward overall stability. Existing home sales fell 9.2% compared to November of last year, marking the first monthly decline since May. Even with this dip, year-to-date closings remained up 1.5% over the first eleven months of 2024, reflecting steady buyer demand throughout most of the year.
Home prices continued to appreciate. The statewide median home price rose 4.8% year over year to $325,000 in November. On a year-to-date basis, the median price increased 5.5% to $327,000, underscoring the continued strength in property values despite slower sales activity.
Inventory conditions continued to improve. Total listings increased 3.7% compared to November 2024, marking the 26th consecutive month of annualized listing growth. While supply remains below historical norms, this gradual increase is helping create a more balanced market for both buyers and sellers.
Mortgage rates provided additional support. The average 30-year fixed mortgage rate declined for the fifth straight month, falling from 6.82% in June to 6.20% in November. This 62-basis-point drop has helped ease affordability pressures and encouraged buyer engagement.
Regional trends varied across the state. Urban regions experienced the largest sales declines, while rural areas performed more favorably. The Central region saw smaller decreases, and the North region posted a modest year-over-year increase in sales.
Affordability improved slightly as well. The Wisconsin Housing Affordability Index rose 4.7% over the past year, increasing from 128 to 134, indicating that median-income buyers can now afford a greater share of a median-priced home.
Overall, Wisconsin’s housing market remains steady.
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