Wisconsin housing market stats for September 2023 have been reported on by the WRA (Wisconsin Realtors Association) and they are as follows:
- The Wisconsin housing market for existing homes remains a strong seller’s market, this is most likely not new news to anyone, whether you’re looking to buy/sell a home or not.
- In 2023 the first 3 quarters saw sales of existing homes fall 21.7% relative to the first nine months of 2022.
- Mortgage rates averaged 7.20% in September 2023, and is 2022 they were averaging 6.11% and if you take that a step further – in 2020 mortgage rates were 2.90%. I get that rates in the 2’s and 3’s were the anomaly as far as mortgage rates go, however, to shoot up that high within a 2 year span is huge!
- The increase in mortgage rates has affected both the demand and supply sides of the market. There was just 3.3 months worth of housing supply for Wisconsin, and for it to be a balanced housing supply, it would need to be 6 months or more. That would be an increase of 77% MORE housing inventory needed.
That’s the jist of the market stats for September, the housing market still remains strong for home sellers.
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