September 2021 Housing Market Update

NATIONALLY

• Summary: Existing home sales increased month over month, but declined year over year, on a national and regional scale.

The most recent monthly report, by the National Association of REALTORS®, was just released entitled, “Existing-Home Sales Ascend 7.0% in September,” (by Quintin Simmons, published October 21st, 2021). The following bullet points are additional highlights from this news release.

Existing-Home Sales

• “Existing-home sales […] rose 7.0% from August”
• “Sales decreased 2.3% from a year ago”
• “The median existing-home sales price climbed 13.3% year-over-year to $352,800.”
• “Existing-home sales in the Midwest rose 5.1% […] in September [compared to August, which equated to a] 2.7% drop from a year ago.”
• “The median price in the Midwest was $265,300, a 9.1% increase from September 2020.”

STATEWIDE

• Summary: The state of Wisconsin saw a decline in home sales and an increase in median sales price, compared to this time last year.

The Wisconsin REALTORS® Association, released their monthly market report with the headline, “Low Inventories Continue to Hamper Sales and Increase Home Prices in September.“ Here are some additional key takeaways:

September 2021 Home Sales Report

• “September existing home sales fell 8.6% […], and the statewide median home price increased 6.6% to $245,000 over that same 12-month period.”
• “Very tight inventories continue to hamper home sales throughout the state, with months of available supply falling in every region over the last 12 months.”
• “Mortgage rates remained under 3% for the fifth straight month. The 30-year fixed-rate mortgage was essentially unchanged at 2.90% in September 2021 compared to 2.89% in September 2020.“
• “Wisconsin’s housing affordability fell 5% over the past 12 months, but it has remained relatively stable all year.”

LOCAL MARKET

• Summary: Our Tri-County Area market, of Racine, Kenosha & Walworth Counties, experienced a decrease in the number of closings and an increase in median sales price, in September 2021 compared to September 2020. However, while Walworth and Kenosha Counties both saw DOUBLE DIGIT percentage decreases in new listings, Racine County saw MORE new listings, year over year.

Below are the Local Market Reports, by MetroMLS for the Counties of Kenosha, Racine, and Walworth, as well as the Lake Geneva-Delavan-Williams Bay area; and their monthly blog post called Market Reports: September 2021, by Dan Zielinski of FlexMLS, reflecting our hyperlocal multiple listing service area based out of Metro-Milwaukee.

• MetroMLS also published a Quarterly Housing Summary by Zip Code found here! Very useful breakdown!

MARKET REPORTS: September 2021

Active listings are down 3.1% and sold listings are down 6.2% compared to this time last year. The Months of Supply of Inventory experienced an uptick, increasing 3.4% compared to last September.

The above infographic includes data on single-family properties and condominiums in the 13 primary counties.

by Dan Zielinski | October 14, 2021 | Metro MLS, FlexMLS