The number of home sales in Wisconsin declined in February, down 5.5 percent compared to February of 2010, according to the latest data from the Wisconsin Realtors Association.
In addition, the median home sale price was down 13.3 percent in February to $117,000.
However, the comparison to 2010 is skewed by the federal homebuyer tax rebate last year that spurred sales.
“Last year at this time buyers were rushing into the market to take advantage of the expiring federal tax rebate program,” said John Horning, chairman of the Wisconsin Realtors Association board of directors and executive vice president of Brookfield-based Shorewest Realtors. “The existence of the federal homebuyer tax rebates last year inflated Feburary 2010 sales, making a February to February comparison impractical. It’s going to be awhile before the distortion in home sales resulting from these programs plays out completely.”
The home sales in the northern part of the state were up 37.5 percent, outperforming the rest of Wisconsin. That could be a sign that the vacation home market Up North is in recovery.
“That is worth noting since these area were especially hard hit during the recession,” said Horning.
