Skip to main content
You are the owner of this article.
Edit Article Add New Article
You have permission to edit this article.
Edit

Weather Alert

Weather Alert

...AIR QUALITY ADVISORY ISSUED FOR SOUTHERN, EASTERN, AND NORTH
CENTRAL WISCONSIN...

The Wisconsin Department of Natural Resources has issued an Air
Quality Advisory for Ozone which will remain in effect until
11:00 PM CDT tonight. This advisory affects people living in the
following counties: Columbia, Dane, Dodge, Fond du Lac, Green,
Green Lake, Iowa, Jefferson, Kenosha, Lafayette, Marquette,
Milwaukee, Ozaukee, Racine, Rock, Sauk, Sheboygan, Walworth,
Washington, and Waukesha.

Due to meteorological conditions conducive to ozone production,
the air quality index is expected to reach the UNHEALTHY FOR
SENSITIVE GROUPS level. People with lung disease (such as
asthma), children, older adults, and people who are active
outdoors (including outdoor workers) should reduce prolonged or
heavy outdoor exertion.

For more information on current air quality, please see:
https://airquality.wi.gov

Report: Wisconsin housing inventory 'historically low,' pricing first-time buyers out of market

  • Updated
  • 0
Housing shortage MGN

Weak inventories drove home sales in Wisconsin down in March while driving prices up, according to a new report.

MADISON (WKOW) -- Weak inventories drove home sales in Wisconsin down in March while driving prices up, according to a new report.

Wisconsin REALTORS Association (WRA) states that March inventories were "historically low," with just over 13,000 homes available for sale. Compared to March 2022, listings in March were down 20%.

Home sales also fell by 23.6% while the median price rose 6.9% to $272,000.

WRA President and CEO Michael Theo said 24,000 homes would need to enter the market -- a 178% increase -- to get back to a balanced market. 

"The current housing shortage is depriving young individuals of the wealth-generating benefits of homeownership,” he said.

Joe Horning, 2023 WRA Chairman of the Board of Directors, also pointed out how millennial buyers are at a disadvantage.

“Millennials are typically first-time buyers. They have smaller down payments compared to repeat buyers who can use the proceeds of their previous home sale to increase their down payment," Horning said. "This results in heavier reliance on mortgage financing by millennials, so the higher mortgage rates more quickly price them out of the market than other buyers.”

WRA Consultant Dave Clark also noted that inflation is improving, the Fed still has work to do as the current rate is 5%, more than twice the Fed's target rate of 2%.

Read the full report online.

There is also a YouTube video that breaks down the report.

Tags

Recommended for you