Home sales in the state soared during the second quarter of the year. The Wisconsin Realtors Association says home sales were up in the state by nearly 20-percent between April and June, compared to the same period last year.
Association President Bill Malkasian says the federal homebuyer’s tax credit is responsible for most of that increase. The credit for first time homebuyers expired on April 30th. As a result, many buyers who likely would have waited until the summer months to shop around rushed out to make a purchase before the deadline.
While it meant a good second quarter for home sales, Malkasian says numbers from summer home sales are expected to be down significantly. He says preliminary numbers already reflect that fact, although he expects home sales to return to somewhat normal levels by the end of the year.
Even without the credit, Malkasian says home buyers have plenty of reasons to continue shopping right now. Mortgage rates are at historic lows and there are plenty of affordable homes on the market right now for buyers to consider.