A home for sale in Appleton, April 19, 2023. PC: Fox 11 Online
(WTAQ-WLUK) — For the second month in a row, Wisconsin home sales fell while prices rose.
The Wisconsin Realtors Association released its April monthly report Thursday. It showed home sales were down 10.4% compared to April 2024. Year-to-date sales were down only 3.5% after strong months in January and February.
The median price increased 7.3% over April 2024 to $322,000.
Inventory improved slightly to a 3.6-month supply. Agents say it remains a seller’s market, as a balanced market would require a six-month supply.
There was good news for rural areas, however.
“It’s still a strong seller’s market statewide, but we are seeing signs of improvement in our smaller communities as well as in rural parts of the state,” WRA board chair Chris DeVincentis said in a news release. “Potential buyers may want to consider expanding their home search into areas where supply is growing to increase their likelihood of success.”
Agents are still keeping a close eye on interest rates.
“In its most recent meeting, the Fed left the federal funds rate unchanged with Fed Chairman Jerome Powell indicating that the risk of higher inflation as well as higher unemployment increased since March. Indeed, the initial estimates of first quarter real GDP growth were slightly negative, falling 0.3%,” economist David Clark, a WRA consultant, said in a news release.
“However, since that meeting, the administration announced promising trade negotiations with China, which was followed by better-than-expected April inflation data. Hopefully, the threat of tariff wars is subsiding, which will help keep inflation in check.”
In the northeast region, home sales decreased 13.1% from April 2024. The median price rose to $300,000, an 8.7% increase over the previous year.
Comments