The Milwaukee Journal Sentinel reported today that Milwaukee area home sales soared 75% in November from the same month last year, an increase Realtors attributed to efforts by buyers to close their purchase before a tax credit for first-time home buyers was set to expire.
The federal tax credit of up to $8,000 – part of Congress’ economic stimulus plan – since has been extended to home deals that close by June 30 of 2010. But uncertainly about whether it would be extended helped Realtors post sales numbers that the Greater Milwaukee Association of Realtors called “staggering.”
Housing statistics released Thursday by Metro MLS Inc. show that 1,369 existing homes were sold by Realtors in November, compared with 783 in November of 2008, in Milwaukee, Ozaukee, Washington and Ozaukee counties.
Milwaukee County had its eighth consecutive month of positive sales compared to the same month last year, with 818 sales vs. 486 in November of last year – a 68% gain.
Sales in Waukesha County were up 70% to 335 from 197. In Ozaukee County, sales rose 119% to 81 from 37, and in Washington County, sales jumped 114% to 135 from 63 in November of last year.
The Realtors group noted that December sales are expected to decrease from December of 2008 because of the rush to close purchases in November.
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