WISCONSIN (CBS 58) -- Existing home sales in Wisconsin dropped 8.3% in August compared to a year earlier, reversing gains seen in June and July, according to the Wisconsin Realtors Association's August 2026 report released early Thursday, Sept. 24.

The statewide median home price rose 7.1% to $362,000. Affordability fell for the sixth consecutive month, reaching its lowest level since the association began tracking the number back in 2009. Sales declined in every region of the state, with the steepest drops in the Central, North and West regions, ranging from 11.9% to 14.5%.

"Home prices are up by more than twice the rate of inflation over the last year, and this, combined with the steady increase in mortgage rates since February, is eroding affordability," said Tom Larson, the association's president and CEO in a Thursday press release. "This hits first-time buyers especially hard since they rely heavily on financing to buy their first home."

Despite the August decline, year-to-date sales are up 3.2% through the first eight months of 2026, with the median price up 7.3% to $348,838, according to the association. Amy Curler, the association's 2026 board chair, said closings during the May-through-August period were the strongest since 2022.

The average 30-year fixed mortgage rate was 6.67% in August, up from 6.05% in February.