Home Prices Continue To Fall, But The Number Of Homes Sold Surges

Housing prices have fallen, and the number of homes sold in July surged in Racine County compared to sales percentages last year.

The number of homes sold in Racine County increased 62 percent to 180 from 111 sales last July. However, five years ago, 220 were sold in the month of July. Median housing prices declined 12 percent to $115,000 from $130,005 a year ago, according to housing reports by the Wisconsin Realtors Association.

State housing trends were not as dramatic. Home sales in Wisconsin increased 35 percent to 5,132 from 3,797 a year ago. However, five years ago, 6,108 homes were sold in July. Median housing prices dropped 6 percent to $139,900 from $148,800 compared to last year. Five years ago, the median price was $169,000.

John Horning, chairman of the WRA Board of Directors, said strong sales in July were expected.

“We anticipated July was going to show very strong sales compared to last year when the federal homebuyers tax credit expired,” said John Horning, Chairman of the WRA Board of Directors.

The credit expired in June of 2010 causing a substantial decline in home sales the following month.

“Home sales this year follow a more typical seasonal pattern whereas last year sales were front-loaded into the first six months because of the tax credit,” said Horning. “That’s why the sales figures for April, May and June this year appeared so weak, and it’s one of the reasons they are so strong in July,” Horning said.