June 2023 Home Sales Press Release
Posted: 07.20.23
*****News Release*****
Continue to see a seller’s market
Eau Claire, WI – We are in the prime season for home buying and statewide, tight inventories, increasing home prices, and high mortgage rates are keeping home sales low. The median home price for the state continues to increase, rising 8.6% from June 2022 to $304,000 in June 2023. This is the first time the statewide median price has exceeded $300,000. During the March-through-May period, home price appreciation moderated at an annual rate of between 5.9% and 6.9% but June annual appreciation saw a spike with rates rising to 8.6%.
- Monthly home sales have decreased 19.7% from June 2022 to June 2023 (from 8,780 to 7,047)
- Months of inventory were at 3.1 months which is slightly up from June 2022 at 3.0 months
- Mortgage rates have increased from 5.52% in June 2022 to 6.7% in June 2023 (up 21.4%)
Western Wisconsin’s median home prices continue to increase at a rate lower than the state at 4.2% (from $285,000 in June 2022 to $296,900 in June 2023). Notably, Eau Claire County’s median home price fell 1.7% bringing it down to $285,000 for June 2023 compared to $290,000 in June 2022.
- Western Wisconsin June 2023 home sales decreased 24.4% compared to June 2022 (from 827 sales to 625 sales)
- Eau Claire County’s June 2023 home sales were 135 sales compared to 148 in June 2022 (a decrease of 8.8%)
- Months of inventory for Western Wisconsin are slightly above the state average at 3.3 months of inventory (up from 3.2 in June 2022)
“We are living through the perfect storm right now. Low inventories combined with increasing prices and mortgage rates are making homes less and less affordable, resulting in an unbalanced, seller’s market.” shares Julie Flor, President of the REALTORS® Association of Northwestern Wisconsin. “The benchmark for a balanced market is six-months of inventory. We would need to nearly double our inventory to hit that mark.”
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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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