State home sales down 36 percent in October, prices stable

Home sales in Wisconsin were down 36.3 percent in October, but the median price was unchanged at $140,000, according to the Wisconsin Realtors Association (WRA).
For the first 10 months of the year home sales in the state were down 6.5 percent and median prices were down 0.7 percent.
“The market continues to experience distortions created by the two separate federal home buyer tax credit programs,” said John Horning, executive vice president of Brookfield-based Shorewest Realtors and chairman of the WRA board. “Last October the market saw an inflated number of buyers who were trying to take advantage of the first tax credit program, which was due to expire at the end of November. That inflated last October’s sales and makes this October look particularly weak by comparison. We may have to wait another year before normal sales patterns return, allowing us to have truly valid monthly sales comparisons.”