State housing market remains behind 2010 pace

The Wisconsin housing market sagged in June as home sales in the state were down 16 percent and the median sales price was down 7 percent, to $140,000, compared to June of 2010, according to the Wisconsin Realtors Assocation.

Housing market statistical comparisons to 2010 remain difficult because of last year’s federal homebuyer tax credit. The initial deadline for homebuyers to get the credit last year was if they closed by the end of June. The tax credit artificially inflated sales figures for the first half of 2010, and sales fell off dramatically in the second half of the year.

“Actually these (June of 2011) figures were a bit better than expected,” said John Horning, chairman of the Wisconsin Realtors board of directors. “The reality is that it’s tough to compare these two months because so many buyers last year were scrambling to get their closings done by June 30. It will still be a couple of months before the distortions from the federal tax program work their way out of the data.”

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