MILWAUKEE, Wis (Civic Media) — Home sales in the greater Milwaukee area fell to levels not seen since the Great Recession in August, according to the latest report from the Greater Milwaukee Association of Realtors (GMAR).
The seven-county region saw a 3% drop in year-over-year sales, with Kenosha County seeing the steepest decline at over 8%. Racine County reported a 3% decrease. Bucking the trend, Ozaukee County saw a 7% increase in sales.
Despite the August dip, total sales for the first eight months of 2024 surpassed last year’s figures. The realtors’ association attributes the decline primarily to a lack of attractive listings, with increased interest rates playing a secondary role.
The realtors say new disclosure rules in August may have contributed to hesitancy among buyers and sellers, potentially explaining the slow month.
The average sale price in the four-county area rose 9% in August, from $389,772 in 2023 to $424,731 this year, indicating strong demand despite limited supply.
According to GMAR, the persistent lack of housing supply poses a long-term threat to potential homeowners, forcing many to remain in rental units and miss out on the wealth-building benefits of homeownership.
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