The number of homes sold in the Peoria-area last year was down slightly compared to 2013.
The Peoria Area Association of Realtors reports home sales decreased 1.4% year-over-year. Association President Phil Harvey says several factors are behind the decline:
“A lack of inventory was an issue that did drive up prices. I think we lacked some first time homebuyers and we lacked some new construction.”
But Harvey says area home sale prices increased 1.7% year-to-year. He says economists predict the next year to improve, with low interest rates and more young homebuyers in the market.
New-home construction was down 10%, in-part because builders are focused on local rebuilding efforts in Washington.