Wisconsin Housing Prices Fall in Quarter 1

Date: May 12, 2009

MADISON, WI – Wisconsin home sales and median prices both fell in the first quarter of 2009 compared to that same quarter last year according to data just released by the Wisconsin REALTORS® Association (WRA). The lingering national recession caused unemployment in Wisconsin to increase significantly during the first three months of the year, resulting in the housing market drop, according tot he WRA. “The housing market doesn’t operate in a vacuum,” said Michael Mulleady, Chairman of the Board of the WRA. “The national economic environment drives Wisconsin’s economy and that in turn drives our housing market.” Mulleady noted the national economy shrank by more than 6 percent in the first quarter, causing Wisconsin’s unemployment rate to jump from 5.9 percent in December 2008 to 8.5 percent in March 2009.

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