Home market continues to heat up

The summer housing market continues to tighten as the number of sales once again tops last year and last month’s figure, according to the latest report from the Realtors Association of South Central Wisconsin and the South Central MLS. Dane County has the highest median sales price of homes at $345,000 and the number of new listings on the market has outperformed the number of sales since January 2021. Supply is moderately improving but remains exceptionally low. The supply for the region as a whole is 2.7 months, up from 1.9 months in January. While the economy is recovering fast, the housing market is experiencing a slow down in purchase application activity due to the increased competition.