Illinois home sales plunged last month, despite improving prices and inventory levels.
The Illinois REALTORS organization reports family home and condominium sales statewide were down 9.9 percent in March when compared with figures from 2018.
The Peoria metropolitan area recorded 380 home sales last month, a nearly six percent decline from the same month in 2018. The Peoria area median sales price was just under $108,000 in March. That’s down more than three percent from a year ago.
Overall, 30 Illinois counties recorded March sales gains. But, the Chicago Metro Area recorded a nearly 10 percent drop.
The Illinois REALTORS group says buyers were cautious due to the uncertainty of local April elections. Tax law changes also played a role in home buying trends.
The trade organization anticipates more activity as the spring home buying season starts in earnest.
