MILWAUKEE — The newest numbers from the Wisconsin REALTORS Association show that home prices statewide have climbed by another 6.9% year-to-year, with the inventory of available homes and home sales overall down by roughly 20% since 2022.

“The answer to the problem is we need more inventory,” said Tom Larson, executive vice president for the Wisconsin REALTORS Association. “We need new home starts. We need interest rates to drop down a little bit so that people who’ve locked into those lower rates that were in place during the pandemic feel more at ease moving to another home.”

Larson said until that happens, finding an available home to buy and getting an offer accepted on it may be more difficult than it has been in the pre-pandemic past.

“The urban markets tend to have a little tighter inventory than the more rural markets,” Larson said. “Suburban markets remain strong, but across the state, we have a shortage of inventory, so I think every segment and every area of the state is seeing this housing crisis take place.”

Watch the full interview above.