The Wisconsin REALTORS Association (WRA) says higher home prices, rising mortgage rates and tightening inventories are impact home sales in Quarter 3 of 2022. In La Crosse County, the Fall quarter shows the number of homes sold cooled from a red-hot start of the year. Meanwhile, the value of those sold jumped 11.8% so far in 2022. That is above the state average, which was a 10% increase in home prices.
The state Realtors group released their Quarter 3 numbers through September 2022.
BizNews broke the numbers down for La Crosse County.
Median Home Prices:
That compares to $135,350 in 2005 and $150,413 in 2014.
Here’s a look at the sales numbers:
| Year | Q1 | Q2 | Q3 | Q4 | % Increase |
| 2005 | $133,500 | $138,000 | $137,000 | $135,350 | |
| 2019 | $183,950 | $200,000 | $194,000 | $195,000 | 3.8% |
| 2020 | $190,250 | $220,750 | $228,000 | $215,000 | 10.5% |
| 2021 | $218,950 | $241,000 | $235,000 | $239,950 | 9.5% |
| 2022 | $245,000 | $275,000 | $263,950 | 11.8% |
The Impact on Affordability
- WRA reported mortgage rates surpassed the 6% mark for the first time since fall 2008. That’s more than twice the rate in September 2021, which stood at 2.9%
- Affordability continued to slip statewide. The Wisconsin Housing Affordability Index measures how much of a median-priced home the average family can afford. The index slid 30.5% in September.
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“Even though declining affordability translates into fewer potential buyers, there remains considerable unmet demand among millennials. That demand outstrips the available supply in the market, which is why inventory continues to shrink.”said Brad Lois, 2022 Chairman of the Board of Directors, Wisconsin REALTORS® Association.
Home Sales Cool Slightly. Remain Strong.
The year started out to be the second-best in the past 20+ years. Interest rates seem to have cooled for the Fall as the year-over-year sales comparison shows sales down by 1%. Keep in mind, sales in 2021 were the second best since 2005 (2020 had the best year).
The recently announced mortgage rate increases will likely impact the last quarter, but will likely remain strong.
For comparison, the years 2005-2014 Q4 numbers were always well below 300.
| Year | Q1 | Q2 | Q3 | Q4 |
| 2021 | 252 | 422 | 515 | 434 |
| 2022 | 269 | 455 | 450 | 0 |
