Home sales have declined in July over the last time last year. Sales were down 19.4% in the Metropolitan Milwaukee area in July compared to July 2022 according to the Greater Milwaukee Association of Realtors. Other neighboring counties saw similar drops in the number of sold homes as well.
The group says buyers remain active in the market though; there is simply not enough supply of homes to satisfy demand. The group adds an overabundance in apartment construction is restricting potential buyers from buying homes because there simply no homes to buy. Metro Milwaukee saw a 18.4% decline from July 2023 to July 2022. In fact, nearly every county reported a decline in the number of houses listed for sale in that same time span.
With the short supply comes higher prices. The average price for a home in metro Milwaukee was up 6.9% in July 2023, eclipsing an average price of $400,000. $400,511 from $374,579. The scenario is being called a “frustrating cycle,” as the group adds mortgage interest fluctuating around 3% would cause a negative impact to a buyer who would mortgage a new property.
