ONALASKA, Wis. (WXOW) – The Wisconsin Realtors Association has released its June 2022 report and it shows differing trends both statewide and locally.
From January-June of this year compared to last, homes statewide are 10-percent more expensive while seeing a 6.9-percent drop in total sales.
As for La Crosse County, comparing this June to last has produced the following numbers:
- Median price of homes are now nearly $285,000 compared to $260,000 (+9.6%)
- Real estate transactions reached 192 after being 189 last year (+1.6%)
- Months inventory, a metric used to determine the amount of homes for sale, is at 2.4 compared to 3.0 (a 20% drop in available properties)
- Average days on the market is now 56 compared to 62 (-9.7%)
The rate of homes purchased over the first half of the year is also up 5.5-percent from last year despite the state as a whole dropping in overall transactions. WRA President Michael Theo says that area demand is surging unlike other areas of the state.
“A strong demand is always a good thing,” Theo said. “The question is ‘how can the supply meet that demand?’ I think that with the demand going up, you could say that it’s a strong economy. There’s a lot of people looking to make that biggest investment of a lifetime.”
Lance Dembraski, President of the La Crosse Area Realtors Association, says now is the time to buy or sell before price increases and interest rates climb even higher.
“If your looking to sell your house, it’s still considered a seller’s market based on the data we’ve just received,” Dembraski said. “If you’re looking to buy, now is the time before rates possibly go up further. Overall, we’re hoping that everything balances out and continue to have a very strong housing market in the La Crosse area.”
The average rate of a 30 year fixed mortgage his risen to 5.52-percent compared to 2.98 percent this time last year. Despite the 85-percent increase, that is still considered a good rate by experts.
Click here to see the WRA’s full June 2022 report.