More than 56 percent of home purchases during the year occurred in the first six months of 2010, according to John Horning, Chairman of the WRA Board of Directors.

"We saw far more sales activity than is typical in the first half of the year, which is directly related to the federal homebuyer tax credit program that was originally set to expire in June," Horning said in a statement.

As a result, buyers rushed to close before the June deadline, which essentially borrowed sales from the latter half of the year.

"Not surprisingly, sales dropped off sharply in July and stayed at these depressed levels for the remainder of the year," said Horning.

Looking ahead, Horning said the state unemployment rate is the key to home sales in 2011, noting the November 2010 unemployment rate was 7.6 percent, more than a percent lower than the beginning of that year, and more than two percent lower than the national rate for that month.