Home sales in the four-county metro Milwaukee area were up 2.3 percent, to 1,576, in April compared to April of 2012, according to the latest report from the Greater Milwaukee Realtors Association (GMAR).
The biggest increase was in Washington County, where home sales were up 39.8 percent in April to 165.
“Washington County saw a huge increase in sales, and may be a sign of a new business model in the market,” said Mike Ruzicka, president of GMAR. “Brokers are reporting that investors are buying suburban homes to rent out for a period of time and plan to re-sell them when prices get back to pre-recession levels.”
Home sales in Waukesha County were up 5.9 percent to 434. Home sales in Ozaukee County were up 4.9 percent to 108. In Milwaukee County, home sales decreased 4.5 percent in April to 869.
A decrease in distressed sales volume contributed to the overall lower sales level in Milwaukee County, according to GMAR.