ScottR
Chief Bottle Washer
Joined: Feb 11, 2006
Posts: 332
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 Posted: Thu Jul 21, 2011 11:57 am Post subject: Existing home sales weak in Wisconsin |
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| Quote: | With no federal tax credits to lure buyers into the market, sales of existing homes around Wisconsin continued to falter in June.
The Wisconsin Realtors Association on Monday reported 23,979 closed transactions across the state last month, down 17.2 percent from 28,955 recorded a year ago.
WRA said June 2010 sales were "artificially high" as many buyers were scrambling to close transactions by the June 30 deadline to meet eligibility requirements for the $8,000 federal tax credit for first-time buyers.
John Horning, WRA chairman, said it may take another two months before the industry sees sales data that more accurately reflects the state of the housing market.
A bright side seen by the WRA is strong performance in the northern part of the state, which has seen the best performance overall four out of the past six months.
"This is an indication that the second home market is showing definite signs of life," Horning said.
The median sale price statewide in June was $140,000, down 7 percent from $150,000 a year ago.
Across the state, available inventory of homes for sale totaled 71,634, up 1 percent from a year ago.
WRA said it would take 18.5 months to sell that inventory. Historically, this number is closer to six months, but many defaulted loans and foreclosures have inflated the number of homes available for sale.
Sales across northeast Wisconsin, which includes Brown, Calumet, Door, Fond du Lac, Green Lake, Kewaunee, Manitowoc, Marinette, Menominee, Oconto, Outagamie, Shawano, Waupaca and Winnebago counties, were down 16.4 percent in June. A total of 930 sales were recorded, compared to 1,113 a year ago.
» Outagamie County sales fell 6.9 percent in June, with 162 sales, down from 174 a year ago.
» Winnebago County sales fell 23.9 percent in June, with 143 sales, down from 188 a year ago.
» Calumet County sales fell 11.8 percent in June, with 45 sales, down from 51 a year ago.
» Waupaca County sales fell 13.5 percent in June, with 45 sales, down from 52 a year ago.
The median sale price for northeast Wisconsin was $122,500, a drop of 5.7 percent from $129,900 a year earlier. |
from PC July 19 |
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