August 2024 at a glance

• For the second month this summer, new listings tightened in August compared to that same month last year. Relative to their levels a year earlier, new listings also fell in June. 
• The decline in inventories pushed the statewide median price up 8% to $324,000 and led to a 4.7% decline in existing home sales during the last 12 months.
• Still, the year-to-date picture reflects solid sales growth and strong price appreciation. Home sales through August 2024 were 5.3% stronger than the first eight months of 2023, and the median price rose 8.4% to $309,900 over that same period.
• The 30-year fixed-rate mortgage continued to improve, falling just over a third of a percent in August. Specifically, the average rate dropped from 6.85% in July to 6.5% in August, which is a decline of 35 basis points. Compared to August 2023 when the average rate was 7.07%, the August 2024 rate was 57 basis points lower.
• Even though mortgage rates improved over the last 12 months, the significant price appreciation combined with only slight gains in median family income kept statewide affordability low. The Wisconsin Housing Affordability Index shows the percent of the median-priced home that a buyer with median family income would qualify to purchase, assuming a 20% down payment with the remaining balance financed with a 30-year fixed-rate mortgage at current rates. The index was 121 in August 2024, down slightly from its level of 123 a year earlier.