(WQOW) – A new report from the Wisconsin Realtors Association finds home prices in the state are on the rise, while the supply of homes continues to drop.
Growing demand and a lack of houses for sale has pushed the median price of a home in Wisconsin to nearly $200,000 as of last month.
As home prices rise, sales have sharply declined.
According to the Wisconsin Realtors Association, June is considered the strongest month for home sales. However, this past June, the state saw a 9.7% decrease in sales compared to the same time last year.
Here in Eau Claire County, home sales are also down but not as steep at a 5% drop.
Northern Wisconsin Realtors Association Director David Fitzgerald said part of the reason the county has not been hit as hard is local mortgage rates.
“Mortgage interest rates are very low so that’s really helping the situation,” Fitzgerald said. “Even if home prices are higher, if mortgage interest rates are lower, housing is more affordable. So, it’s a good idea to take advantage of these low interest rates.”
Fitzgerald said this market favor sellers, so if you are planning to upgrade your home now is the best time.