The housing market continues to benefit sellers.
According to the Wisconsin Realtors Association, home prices continue to be up from last year while the number of sales dropped significantly last month.
The average price for a home in Manitowoc County registered at $191,000 in August, which is $16,000 more than in August of 2022, a 3.2% increase.
Meanwhile, only 74 homes were sold last month, which is down nearly 40% from last August’s rate of 123 homes sold.
Additionally, homes stayed on the market six days longer last month, averaging 62 days.
The statewide numbers follow similar trends, with the average price jumping to $300,000 last month, a 10% increase, while the number of sales dropped 18.3% to 6,889.
Additionally, the average 30-year fixed-rate mortgage jumped to 7.1% from 5.2% a year ago.
WRA President and CEO Michael Theo says that is “keeping some first-time buyers on the sidelines.”
