August Home Sales Press Release
Posted: 09.19.23
*****News Release*****
Housing Inventories Improve Slightly
Eau Claire, WI – Statewide we continue to see a rise in available supply in part to new listings. Inventory rose to 3.4 months of inventory in August 2023 compared to 3 months of inventory in August 2022 with a balanced market at 6 months of inventory. Every region in the state has experienced improved months of inventory, as well as every price range and all urban-rural classifications. Mortgage rates continue to move in the wrong direction, increasing to 7.1% in August 2023 compared to 5.2% in August 2022.
- Home sales decreased 18.3% from August 2022 to August 2023 (8,432 to 6,889)
- Median home price increased from $272,725 in August 2022 to $300,000 in August 2023
- Average days on the market has remained relatively flat (62 days on the market in August 2023 compared to 61 days in August 2022)
Western Wisconsin is following the state trend with 3.6 months of inventory in August 2023 compared to 3.2 months in August 2022. The median home price, however, is trending higher than the state at $314,000 in August 2023 compared to $265,000 in August 2022. Notably, Eau Claire County saw a median home price of $320,000 for August 2023, a 16.4% increase over August 2022.
- Western Wisconsin home sales decreased from 783 sales in August 2022 to 635 sales in August 2023 (18.9% decrease)
- Eau Claire County August home sales decreased 26.9% from 160 sales in August 2022 to 117 sales in August 2023
- Western Wisconsin average days on the market were 65 days for August 2023, an increase of 3.2% from August 2022
“We have seen small improvements in our supply of new listings towards the end of summer,” shares Julie Flor, President of the REALTORS® Association of Northwestern Wisconsin. “Even though the change is small, it is encouraging to start seeing the decline slow down. Hopefully we will start to see relief in mortgage rates to help with affordability soon.”
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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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