Home sales in Wisconsin saw a massive drop in 2008.
A report from the Wisconsin Realtors Association reveals a 19.2-percent drop in home sales last year, compared to 2007. Association President Bill Malkasian says that was well above the national decline of about 13-percent.
However, Malkasian says there was some good news in that the statewide median price only fell by about 3.7-percent. He says the mild drop helped to protect Wisconsin property owners from the massive losses seen in other parts of the country, where values dropped by as much as 40-percent.
Malkasian says the damage was less severe in Wisconsin because the market here never saw prices jump as dramatically, unlike places such as California and Florida.
Realtors are hoping for a better 2009, if the economy can recover. Malkasian says some members are already reporting an increased interest in homes on the market as we get ready for spring. Whether sales can pick up though will largely depend on if efforts to stimulate the economy are successful.
