Tight Inventories Limit Existing Home Sales and Drive Up Median Prices
The Wisconsin market for existing homes remains a strong seller’s market, which hampered home sales and drove up median prices over the last 12 months.
Home sales dropped 18.4%
between September 2022 and September 2023, and median prices rose 9.3% to $295,000 over that same period.
Mortgage rates averaged 7.20% in September 2023, which is more than a percentage point higher than this time last year. The increase in mortgage rates has affected both the demand and supply sides of the market.
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