Housing and Construction Table 11 National Affordability Index (February 2024)
Years
Median Price Existing Single Family Home
Mortgage Rate
Monthly P & I Payment
Payment as % of Income
Median Family Income
Qualifying Income
Composite
2023 Feb. 2024 Feb.
$368,100 $388,700
6.34 6.86
$1,830 $2,040
22.9 24.3
$95,976 $100,876
$87,840 $97,920
109.3 103.0
Description: • Composite Index measures affordability. An index of 150 means that a family earning the median family income has 150% of income necessary to qualify for a conventional loan covering 80% of a median price single-family home. Analysis: • Relative to February of 2023, home affordability declined with both median housing prices and mortgage rates increasing despite rising median family incomes. • The good news is that home affordability has improved relative to Q3 2023 when the Composite Index fell to 94.1!
Table 12 Median Home Prices and Home Sales (First Quarter 2024) Wisconsin Marathon Portage
Wood
2024 Q1
% ∆ Yr. Ago
2024 Q1
% ∆ Yr. Ago
2024 Q1
% ∆ Yr. Ago
2024 Q1
% ∆ Yr. Ago
Median Home Prices
$279,000 6.9 $225,000 -2.2 $245,000 -2.0 $178,500 6.1
Home Sales
11,480
5.5
231
17.3
113
22.8
162
-6.4
Description: • Above table gives median home prices and sales for the state of Wisconsin and counties of Central Wisconsin. • If you list home prices from lowest to highest, the median home price is at the halfway point. Analysis: • Median home prices have moderated relative to a year ago with modest declines in Marathon and Portage counties and modest increases in Wood county and Wisconsin overall. • Home sales for the Q1 2024 relative to Q1 2023 increased significantly in Marathon and Portage counties with a modest gain in the state overall and a decrease in Wood county. • The higher sales may reflect a short term decline in 30 year mortgage rates that peaked at 7.8% in October 2023 to rates below 7% late last year and early this year. Mortgage rates, however, have increased again to over 7% in April.
Table 13 Residential Construction: Stevens Point - Plover Area (First Quarter 2024)
Number of Housing Units
Estimated Value of New Homes (x1000)
Alteration Permits Issued
Estimated Value of Alterations (x1000)
Permits Issued
2024 Q1
2023 Q1
2024 Q1
2023 Q1
2024 Q1
% ∆ Yr. Ago
2024 Q1
2023 Q1
2024 Q1
% ∆ Yr. Ago
40
20
21 $12,592.65 76.3
252
239 $2,768.71 -7.9
44
Description: • The above provides construction figures for both new homes and residential alterations. The above estimated values are in thousands of dollars. Analysis: • The number of new housing units has doubled compared to a year ago and the estimated value of new homes has increased 76.3% relative to Q1 2023. The rebound in residential construction is certainly welcome news. • The number of alteration permits and estimated value of residential alterations declined modestly from a year ago.
20
Center for Business and Economic Insight
Made with FlippingBook Learn more on our blog