Wisconsin REALTORS® Association: August 2023 Home Sales Report

August 2023 Home Sales Report

Wisconsin Housing Inventory Improves Slightly but Seller Advantage Continues

Date: September 21, 2023

August 2023 at a glance

  • The Wisconsin existing home market continued to see weaker sales and higher prices compared to last year even as the inventory situation improved slightly. August home sales fell 18.3% compared to August 2022, and the median price rose 10% to $300,000 over that same 12-month period.
  • Statewide inventories rose 13.3% from 3 months of available supply in August 2022 to 3.4 months of supply in August 2023. This is the second straight month in which months of inventory have inched upward, but they are still below the six-month benchmark that characterizes a balanced market.
  • Comparing the first eight months of 2023 with that same period in 2022 reveals a similar picture of the housing market. Existing home sales fell 22.6%, and the median price rose 7.9% to $286,000.
  • Regionally, sales over the past 12 months fell by dole-digit margins in all regions, ranging from a decline of 11.5% in the Central region to a reduction of 22.5% in the Northeast. Median price appreciation was positive in all regions but somewhat varied. The lowest rate of annual price appreciation was seen in the South Central region, which was up 4.1%; followed by the Northeast region, up 8.4%; and the Central region, up 9.4%. The other three regions saw appreciation rates between 10.7% and 18.5%. 
  • The improved inventories are due in part to new listings. While new listings for August 2023 were 2.9% below those of August 2022, this is a much lower annual decline than July, when inventories were down 17.7%, and also in the previous 10 months, when inventories were down between 22.1% and 32.6%.
  • Months of inventory have improved in every region of the state, across all price ranges and for all urban-rural classifications.  
    Higher mortgage rates continue to erode housing affordability. The average 30-year fixed mortgage increased to 7.1% in August, up from 5.2% a year earlier. The Wisconsin Affordability Index is the percent of the median-priced home that a qualified buyer with median family income can purchase, assuming a 20% down payment and the remaining balance financed with a 30-year fixed-rate mortgage at current rates. The index fell to 123 in August 2023, which is its lowest level since 2009 when the WRA began tracking the index.

Analysis from the experts

Promising news on new listings

“It was encouraging to see the 12-month decline in new listings tail off so dramatically in August. We’ve been accustomed to year-over-year reductions in new listings that exceed 20%, so hopefully this signals a turning point in our inventory problems.”

Joe Horning, 2023 Chairman of the Board of Directors, Wisconsin REALTORS® Association  

Rising mortgage rates pose an ongoing problem

“Mortgage rates are moving in the wrong direction. The average 30-year fixed-rate mortgage increased to 7.1% in August from 5.2% just a year ago. We’re seeing what this does to affordability, and it’s keeping some first-time buyers on the sidelines. Hopefully we see rates begin to fall as we move out of the peak season for home sales.”

Michael Theo, President & CEO, Wisconsin REALTORS® Association

Core inflation still declining

“Although headline inflation has ticked up in each of the last two months, that is not the measure that the Fed uses to gauge inflation. Instead, the Fed focuses on the core inflation measure that excludes food and energy, which tend to be volatile. The good news is that core inflation has been falling since March. Hopefully this progress on core inflation means the Fed doesn’t need to further slow the economy to lower inflationary pressures.”

Dave Clark, Professor Emeritus of Economics and WRA Consultant

 

About the WRA

The Wisconsin REALTORS® Association is one of the largest trade associations in the state, representing over 17,500 real estate brokers, salespeople and affiliates statewide. All county figures on sales volume and median prices are compiled by the Wisconsin REALTORS® Association and are not seasonally adjusted. Median prices are only computed if the county recorded at least 10 home sales in the quarter. All data collected by the WRA is subject to revision if more complete data becomes available. Beginning in June 2018, all historical sales volume and median price data from 2015 forward at the county level have been re-benchmarked using the Relitix system that accesses MLS data directly and in real-time. Data prior to January 2015 is derived from the Techmark system that also accessed MLS data directly. The Wisconsin Housing Affordability Index is updated monthly with the most recent data on median housing prices, mortgage rates and estimated median family income data for Wisconsin. Data on state foreclosure activity is compiled by Dr. Russ Kashian at the University of Wisconsin-Whitewater. 

Note that the WRA employs a slightly different protocol to determine inventory levels than the protocol used by the REALTORS® Association of South Central Wisconsin (RASCW). For consistency, the summary tables for the South Central region reported in the WRA release employ the WRA approach. However, a modified table employing the RASCW methodology is available from the WRA upon request.

 

Copyright 1998 - 2025 Wisconsin REALTORS® Association. All rights reserved.

Privacy Policy   |   Terms of Use   |   Accessibility   |   Real Estate Continuing Education 

WRA Class Rules and Cancellation Policy

WRA classroom policy

  • Check-in opens 30 minutes before class (may vary depending on location).
  • Late students are not allowed into class.

WRA cancellation and refund policy

Virtual/live classes 

  • The WRA reserves the right to cancel the course or event if not filled. Should a course be cancelled, registration fees will be refunded in full.
  • Student cancellations must be in writing prior to the start of the course or event and will be refunded minus a $25 cancellation fee. Some conferences and conventions have additional cancellation and refund restrictions.
  • Registrations cannot be transferred between students or attendees. 
  • Sales pre-license attendance policy: Attendance is mandatory. Missed hours must be made up and cannot be made up until conclusion of the classroom portion of the course. All make-ups must be completed within seven days after the conclusion of the classroom portion of the course. An individual will not receive a certificate of completion for the course until missed hours are completed. An absence of more than two days will result in termination of enrollment in the course with an option to attend the course at a later date or transfer to a distance learning format, which may involve a transfer fee. If absence results in termination of enrollment, no refund will be issued. 
Distance learning programs
  • Sales and broker pre-license students have six months from the date of registration to complete the course.
  • Student cancellations for distance learning programs must be in writing within two weeks of registration and prior to accessing the course work. Students will be refunded minus a $25 cancellation fee.
  • Course materials must be returned at a student’s expense and in reusable and resalable condition. The request for cancellation will not be processed until materials have been received by the WRA.
  • Registrations cannot be transferred between students.

Other WRA products and publications

  • WRA products and publications must be returned at student’s expense within two weeks of purchase. Refunds will not be processed until materials have been received by the WRA in reusable and resalable condition. 

 Technical colleges

  • Returns may be made for a 100 percent credit if made within 30 days of purchase. There will be a 15 percent restocking fee on returns made after 30 days but before 60 days from the date of purchase. No credit will be given on orders 60 days or older or on outdated materials. Technical colleges will be notified of pending publication changes 60 days prior to publication. All products must be returned in reusable condition. 
Special events (WRA Annual Convention, REALTOR® & Government Day, etc.):
  • Special events including the ones listed above may have additional cancellation restrictions. Consult event details on event webpage(s) for policy information. 

Extension policy

  • If additional time is needed to complete a pre-license course, WRA students can purchase a 30-day extension for $30. Pre-license extensions are available for students up to 6 months from expiration date, and multiple 30-day extensions are permitted. 

The WRA reserves the right to revise these policies at any time without prior notice. 

View Terms and Conditions 

Continue

Shopping Cart

There are currently no items in your shopping cart.
 Check Out

Exhibitor Information