Wisconsin saw a major drop in home sales for the first quarter of 2008.
Home sales in the state were down 24.1 percent for the first three months of the year. Economist Eric Clark with the Wisconsin Realtors Association says bad weather was largely to blame, with record snow falls keeping many potential home buyers off the market. Clark admits that the struggling economy was also a factor.
Winter months are typically poor for home sales anyway. The entire Midwestern region saw an 18.3 percent drop.
Homes that did sell went for less than the last quarter, dropping about 3.8 percent for a median price of $154,000.
Clark says we shouldn't expect homes to start commanding high prices again anytime soon. However, he says sales could pick up as more sellers realize they need to be flexible with their asking price. Clark says it takes time for sellers and buyers to get on the same page that the market has weakened.