April 2023 Housing stats- WRA

Dated: May 25 2023

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Wisconsin Housing Stats: April 2023

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Tight Supply Continues to Hamper Sales and Increase Prices 

  • As we move closer to the prime homebuying season, low inventories continue to affect the housing market.

  • April 2023 home sales were 32.5% lower than April 2022, and the median home price rose 6.8% to $283,000 over that same 12-month period.

  • Weak inventories continue to be the primary constraint on home sales. Over the past 12 months, new listings are down 32.6% and total listings are down 20.7%.

  • Given the average pace of sales over the last 12 months, we would need 20,978 additional homes available for sale to get to a balanced market.

  • The combination of higher home prices and higher mortgage rates caused housing affordability to fall 13.7%. The index fell from 161 in April 2022 to 139 in April 2023

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Adam Turriff

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