July 2023 Home Sales Press Release
Posted: 08.24.23
*****News Release*****
Flat to moderate increase in median home price for rural areas
Eau Claire, WI – We continue to see weak inventory across the state, resulting in lower home sales. The state saw a drop in both new listings and total listings in July 2023 compared to July 2022, even though on a state average, months of inventory have slightly increased, from 3.2 months in July 2022 to 3.3 months in July 2023. Notably, rural areas across the state have seen the largest improvements over the past 12 months, increasing from 4.3 months of inventory in July 2022 to 4.8 months in July 2023. For the second straight month, the median home price has been at or above $300,000 which is an increase of 7.5% from July 2022 to July 2023.
- Home sales dropped 20.8% in July 2023 compared to July 2022 (from 7,931 to 6,278)
- Total statewide listings fell from 23,137 in July 2022 to 18,345 in July 2023 (down 20.7%)
- Mortgage rates increased 26.4% from 5.41% in July 2022 to 6.84% July 2023
Western Wisconsin’s home sales for July 2023 were down 16.7% compared to July 2022 which was slightly lower than the state average of down 20.7% for the same time period. Rural regions, for example the Western Wisconsin region, saw flat to modest increases in median price compared to the state, down 0.8% from $289,900 in July 2022 to $287,500 in July 2023.
- Eau Claire County July home sales decreased 21.8% from 165 sales in July 2022 to 129 sales in July 2023
- Western Wisconsin average days on the market were 67 days for July 2023, an increase of 11.7% from July 2022
- Months of inventory for Western Wisconsin were above the state average at 3.6 months of inventory (up 5.9% from 3.4 months in July 2022)
“With another increase in the mortgage rates, homes are becoming less and less affordable for buyers,” shares Julie Flor, President of the REALTORS® Association of Northwestern Wisconsin. “Buying a home is one of the best investments a person can make for their future and the current rates are making it extremely difficult.”
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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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