WISCONSIN — The latest Wisconsin Realtors Association's year-end report was released this week and showed the housing market continues to level out into 2024, at least as far as mortgage rates will let it.

"They peaked at a relatively high level back at the end of October and into November," said David Clark, an economist for the Wisconsin Realtors Association. "They were in the 7.9% range. They've dropped quite a bit — they're right around 6.6%, so they have been moving down. Part of that has to do with inflation moving downward."

Clark said that assuming rates keep falling, the market overall should level out a bit more through 2024, and both buyers and potential sellers should be prepared.

"On the buyer side, they certainly need to be persistent," Clark said. "On the seller side, hanging tight for a short period of time is probably prudent, but recognize that those rates are likely to moderate over time, and making a move into an alternative living circumstance for sellers is probably going to be in the cards over the next year or so."

Watch the full interview above.