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Real estate market still tight, but home inventory seems to be increasing

House keys
House keys

While interest rates are still high and there is quite a bit of demand in the housing market, the number of homes for sale, or inventory, has been slowly increasing.

That might not affect price, at least at first, but it will at least give you more buying options.

There's been a limited supply of homes lately and home sales in August were down close to 20% compared to that time in 2022.

Previously, month after month, available supply was going down, but over roughly the last three months in the state that has not happened.

There is also a generational factor why more homes are not coming on the market faster.

"A lot of those homes are occupied by Baby Boomers who are a pretty healthy generation and they have stayed in their homes longer than perhaps would have been expected," said Wisconsin REALTORS Association Consultant Dave Clark.

Another thing that is making an impact on the inventory; people and companies building new homes.

"It gives more buyers more of an opportunity to get out there and at least have a chance at finding a home that they can move into," said First Weber REALTORS Real Estate Agent Jack Fischer. "It's been pretty tight and a lot of first time homebuyers are getting priced out of the market."

In the Central Wisconsin area, inventory is definitely trending in a positive direction.

"I've seen the signs of it around Wausau especially, there are more listings," said Fischer. "I think people are trying to get in on the peak of the market right now before the bad weather hits us."

When you are looking at home prices in the under $250,000 range, experts said expect heavy competition.

Another thing that's happening in the market: homeowners are reluctant to sell their own homes because of the high interest rates they will have to deal with when looking for a new one.

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