Low inventory is driving down home sales in Wisconsin. Wisconsin Realtors Association President & CEO Mike Theo said demand is outpacing supply.
“And that fact has really hurt our housing affordability, with that imbalance between supply and demand,” Theo said.
A new report found that the median price of homes rose 11.7% from February 2022 to February 2023. Theo suggest there are some regulatory solutions.
“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.”
“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.”
The report released Thursday shows home sales have fallen by a significant margin for five straight months, falling 28.1% in the past year.