Tight supply of Wisconsin homes could hold back record sales | www.WDIO.com

Tight supply of Wisconsin homes could hold back record sales

Tight supply of Wisconsin homes could hold back record sales Photo: Teresa J. Cleveland / U.S. Air Force

WDIO
Updated: September 25, 2021 04:09 PM
Created: September 24, 2021 02:05 PM

MADISON, Wis. - Sales of existing homes in Wisconsin are outpacing last year’s record purchases, but experts say the lack of inventory has tapped down the hot market.

The latest report from the Wisconsin Realtors Association shows 56,503 homes were sold between January and August. That’s an increase of 2.7% from the same period in 2020.

Marquette University economist David Clark says the supply of homes, which has been declining for years, has constrained sales. It also pushed home prices up 6.4% in August.

With the number of homes still declining, Clark said sellers are finding buyers very quickly. Average days on the market is 65, down from 88 in August last year.     

Copyright 2021 The Associated Press. All rights reserved.

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