The Wisconsin REALTORS Association (WRA) released its February 2024 Wisconsin Real Estate Report, according to a recent press release. Report highlights include:
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February’s new home listings rose by 20.9%, and total listings increased 7.5% relative to levels in February 2023. This additional inventory resulted in a 3.1% increase in February home sales compared to 12 months earlier, and year-to-date sales are up 6% over the first two months of 2023.
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The statewide median price in February increased 5.7% to $275,000 over the last 12 months. A similar picture emerges year to date, where the median price rose 5.9% to $270,000, compared to that same period in 2023.
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The home market remains a seller’s market with just 2.7 months of available supply in February. Although it is below the six-month benchmark that characterizes a balanced home market, it has improved from the 2.1 months of available supply in February 2023.
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Inventories remain tight, especially for homes listed at lower price ranges.
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The 30-year fixed mortgage rate rose about 0.5% over the past 12 months to an average of 6.78% in February. While below the peak rate of 7.79% seen in October 2023, it drifted upward throughout January and February 2024, hurting affordability.
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Higher prices and higher mortgage rates caused the Wisconsin Housing Affordability Index to fall 7.4% between February 2023 and February 2024.
Read the full report here.
