Wisconsin home sales saw a big drop during the month of September, but officials with the Wisconsin Realtors Association say it’s not as bad as it looks.
Monthly numbers from the WRA show sales dropped 30.9-percent last month, compared to the same time period in 2009. However, President Bill Malkasian says the trend is the result of many home buyers making purchases earlier this year instead, in order to claim an $8,000 federal tax credit that expired in the spring.
Malkasian says sales are actually only down about four-percent for the entire year. He says sales have basically just flip-flopped compared to normal, and the industry expects to get a better idea of the new normal trends in home sales starting next year.
There is some positive news when it comes to home prices. Malkasian says the median home price only dropped about 1.8-percent in September, to $141,000. He says that’s a good sign that we’re starting to hit some type of bottom where prices can stabilize.