The Peoria Area Association of Realtors reports homes sales are up 2.2% for the year at the end of the second quarter.
Sales were up about half a percent compared to the second quarter of last year. That amounts to 1,710 homes sold in April, May and June.
Becky Peterson is the president of the Peoria Area Association of Realtors. She says sales are up but the average sale price was down 5.6-percent, at $145,878. “The interest rates that are so low are really helping the first time home buyer and the investor to get into the market. So naturally our average and median is going down. Hence our inventory in that price range is also going down.”
Peterson says that means if you’ve been considering it and own a home worth $175,000 or less it’s a good time to contact your realtor.
Homes were on the market an average of 86 days before they sold during the second quarter.
The average 30-year fixed mortgage rate is 3.41-percent.