Low Inventory Drives Down Home Sales in Wisconsin

Monday, March 27th, 2023 -- 10:01 AM

(Bob Hague, WRN) Low inventory is driving down home sales in Wisconsin.

Wisconsin Realtors Association President & CEO Mike Theo says demand is outpacing supply. “And that fact has really hurt our housing affordability, with that imbalance between supply and demand.”

A new report finds median home prices have increased nearly 12 percent in the past year. As for solutions, Theo says, “Today, it's very, very difficult to build a house like the starter homes that we had back when I was a kid. And so, a good hard look at some of the regulations that we put on new development for what we call workforce housing, is really a big part of that solution.”

Theo suggests a look at regulations.“I think all municipalities, and a lot of them are doing this, have to look at their land use regulations and the availability of developable lots. They also should look at the zoning codes, some of the requirements for the size of a home, the location of a home, minimum lot sizes that are very large.”

High demand and low supply have boosted the price of homes. The report found that the median price of homes rose 11.7% from February 2022 to February 2023.

Feel free to contact us with questions and/or comments.