"WI Existing Home Sales Increase & Prices Slip in 2009 "
The Wisconsin REALTORS® Association reports that sales of existing homes in the state rose slightly last year, topping 2008 totals. There were 53,751 homes sold by REALTORS® statewide in 2009, up less than 1 percent from 53,279 a year earlier. At the same time, the median price of residences sold by REALTORS® in the state last year declined 7.7 percent to $143,000 from $155,000. As a result of the federal tax credit, researchers say many of the houses sold in '09 were more likely to be starter homes. This, in turn, brought down the median sale price. Although many property professionals expect the tax credits to fuel the market in the first four months of this year before expiring, not everyone agrees on whether sales will plunge thereafter. WRA President William Malkasian states, "I don't see a dramatic drop-off," noting that the sales trend in each quarter of 2009 was positive. He and others say the best cure for a lackluster housing sector is for businesses to begin hiring again. Malkasian states, "If the unemployment rate starts to come down, and we start to see more jobs in the economy and more confidence, the rest of the year is going to be OK." Milwaukee Journal Sentinel (WI) (02/11/10) Gores, Paul