Home sales in the Milwaukee area were down 32.2 percent in January, compared to January of 2007, according to statistics released Tuesday by Metro MLS Inc.
In addition, January was the 18th straight month that listings of homes for sale in the Milwaukee area were down compared to the same month of the previous year. Listings in January were down 32.1 percent in January, compared to January of 2007, as many home owners reacted to the extreme buyer's market by not putting their home up for sale.
"The tough sales figures were not unexpected given the hard Wisconsin winter weather we experienced in December and January, and the tumultuous economic news we are hearing about each day," said Mike Ruzicka, president of the Greater Milwaukee Association of Realtors. "We still believe that the market in southeastern Wisconsin has put the majority of the housing correction behind it, faring much better than most other markets in the nation. What we are experiencing now is a market that has plateaued at a more affordable level, but will experience slight ups and downs until the overall economy recovers."
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