Home sales in the four-county metro Milwaukee area were down 3.8% during the first half of the year, compared to a year ago, and 10.6% in June, year-over-year, according to the latest home sale data from the Greater Milwaukee Association of Realtors.
Home sales in the greater southeastern Wisconsin area were down 4.7% in the first half of the year and down 13.4% in June.
The decline in home sales in the region shows the market slowing compared to its record-setting pace in 2021.
Home sales during the first half of the year, compared to the first half of 2021, by county, were:
Milwaukee - 6,100, down 0.9%
Washington - 631, down 1.4%
Racine - 1,407, down 4.4%
Kenosha - 1,092, down 6.0%
Waukesha - 2,481, down 8.3%
Ozaukee - 846, down 10.7%
Walworth - 782, down 13.8%
The declining home sales are not a reflection of rising interest rates, since the Federal Reserve’s move to increase rates by 0.75 percent was in mid-June, said GMAR president Mike Ruzicka.
“Sales were down in comparison to a record-setting market in 2021, and sales have simply cooled slightly in 2022,” he said. “Although 30-year mortgage rates did start ticking up last month, June sales were negotiated weeks earlier, when buyers were able to lock in lower interest rates. The impact of increasing interest rates is yet to be seen.”