The latest state and local housing numbers are in for the month of June. Declining state inventories continued to hinder sales while driving home prices higher last month.
Existing sales fell 11% in June 2022, compared with the same 30-day period a year ago, and the median price rose to $280,000, or a 9.4% increase.
June is routinely the strongest month for sales in Wisconsin, accounting for 11.6% of annual closings in a typical year.
Locally, in Manitowoc County, the number of home sales during the most recent month dropped nearly 15%.
At the same time, the median price rose a little over 2 and a half percent to $175,000.
Home sales for the first six months of 2022 in Manitowoc County increased by just four tenths of one percent, while the median price of homes sold went up 13 percent to $165,400.
Dave Clark, Marquette University Economist and Consultant to the Wisconsin Realtors Association, said in a statement, “Inflation is not yet contained as indicated by the preliminary June inflation estimate of 9.1%.”
He continued, “The Fed is likely to increase its’ upward pressure on short-term interest rates to lower these strong inflationary pressures. A full 1% increase of the Federal Funds Rate is increasingly likely in the late July meeting of the Fed’s Federal Open market Committee.”
