State home sales increase but prices continue to fall

Home sales in Wisconsin were up 14.8 percent in November, compared to November of 2010, but the average sale price dipped 2.2 percent to $134,000, according to the Wisconsin Realtors Association.

For all of 2011 home sales are less than 1 percent behind 2010, which was boosted by the federal homebuyers tax credit during the first half of last year.

“We are definitely closing out the year on a strong note,” said Rob Keefe, chairman of the WRA board of directors. “The strong market of the last few months has pulled sales in 2011 nearly even with the 2010 level.”

However, the dip in home prices demonstrates that it is still a buyers’ market.

“While inventories are down from October, they still remain high at more than 14 months,” said WRA president and CEO Michael Theo. “This means buyers will be in the driver’s seat for the foreseeable future.”

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