Milwaukee-area home sales fell in June. Shortage of available houses hurting first-time buyers

The Milwaukee home market had a slow month in June, as the housing shortage continues to squeeze first-time homebuyers.

Milwaukee-area home sales were down 7% in June compared to the same month last year, according to the Greater Milwaukee Association of Realtors monthly market report. That's the first time monthly home sales have dropped this year.

The slowdown is likely "because of a lack of listings in the under-$300k segment," Mike Ruzicka, GMAR president, said in an email. "There’s plenty of demand, just nothing to sell."

The median Milwaukee-area home price hit $434,100 in the second quarter of 2024, GMAR reported.

Since the pandemic, home prices have soared across the Milwaukee area. In just four years, the median home price in the Milwaukee metro rose nearly 30% .

Last quarter, median home prices rose another 5.9% across the Milwaukee metro, according to GMAR.

Competition for homes has been particularly fierce in Milwaukee's suburban communities. In Ozaukee County, prices were up 9.3% in the second quarter. In the city of Glendale, home prices were up 22% year over year.

The shortage of new housing, GMAR said, poses a serious problem for many families, especially younger adults who are looking to buy their first home.

"Thousands of would-be homeowners will be forced into rental units, unable to save for a down payment and foregoing the opportunity to build wealth through a home’s equity — as well as all of the other benefits of homeownership," GMAR wrote.

This article originally appeared on Milwaukee Journal Sentinel: Milwaukee-area home sales fell in June. Shortage of available houses hurting first-time buyers