May 2023 Home Sales Press Release
Posted: 06.20.23
*****News Release*****
Home appreciation rate is slowing
Eau Claire, WI – Statewide, we are still experiencing a seller’s market as low inventory continues with only 2.8 months of inventory. May 2023 home sales fell by 21.5% compared to May 2022. We continue to see an increase in the median home price, but at a slower rate due in part to higher interest rates. Since March, home prices have appreciated between 5.9% and 6.9% compared to appreciation rates between 9.1% and 11.1% for the previous three years. New construction has not been able to aid in the inventory shortage. The U.S. Department of Commerce has reported a drop in the number of one-unit private housing building permits for the first four months by 25.5%.
- Total statewide listings have decreased 19.8% from May 2022 to May 2023 (from 20,897 to 16,751)
- Home sales for May 2023 were 5,830 homes which is a decline of 21.5% from May 2022
- Mortgage rates for May 2023 were 6.4% which is 22.4% higher than May 2022 (5.23%)
Western Wisconsin’s median home prices continue to increase at a rate comparable to the state (7% increase from May 2022 to May 2023). However, Western Wisconsin days on the market is 77 days compared to 69 days for the state. Notably, Eau Claire County’s average days on the market is 65 days.
- Western Wisconsin home sales decreased 29.2% since May 2022 (from 679 sales to 481 sales)
- Eau Claire County’s median home price has increased 5.1% since May 2022 (from $262,900 to $276,250)
- Months of inventory for Western Wisconsin is slightly above the state average at 3.1 months of inventory (flat to May 2022)
“While Millennials are entering their prime homebuying stage of life, the combination of low inventory and increased mortgage rates are making it tough to get them into their first home,” shares Julie Flor, President of the REALTORS® Association of Northwestern Wisconsin. “Hopefully we will start to see a decrease in mortgage rates and a slow in appreciation making buying a home more attainable.”
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If you’d like local commentary on these statistics, or the housing market in general, local real estate professionals are available for interview. Please reach out:
Media Contact
Brenda Barnhardt
(715) 835-0923
brenda@ranww.org
Whitney Girolamo
(715) 835-0923
whitney@ranww.org
The REALTORS® Association of Northwestern Wisconsin is the professional trade association that all the professional REALTORS® residing within the association jurisdiction belong to. The association provides educational opportunities for its members, is active in local, state, and national advocacy efforts, engages in community outreach through charitable giving, operates its own foundation to help homeowners in need, and remains a positive force for the members they serve.
For more information on the REALTORS® Association of Northwestern Wisconsin, visit www.ranww.org.
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