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Peoria area home sales dipped nearly 5% in 2024, and signs point to some of the biggest challenges in the market to continue into the new year.
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Existing home sales in the Peoria market were down more than 7% through the first two quarters of 2024, but closings in July increased slightly over last year.
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The Peoria Area Association of Realtors [PAAR] reports a 6.4% drop in first-quarter sales compared to a year ago, with 997 closings.
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The Peoria Area Association of Realtors (PAAR) credits last year's nearly 12.8% drop-off to high interest rates and an ongoing shortage in inventory.
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Home sales in the Peoria area remain on a downward trajectory amid rising interest rates and fewer properties on the market.
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When the wrecking ball is gone, the land will remain. The possibilities are generating a lot of conversation, or more specifically, roundtable discussions.
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First-quarter home sales in the Greater Peoria area are down 8.3% from the same time last year, and a lack of supply continues to be the main reason.
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Although home sales in the Peoria area for 2022 fell sharply from the previous year, the market continues to thrive.
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Home sales in the Peoria area during the third quarter fell 15.2% compared with the same period a year ago, but Peoria Area Association of Realtors president Robin Simpson says that figure is a little misleading.
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Plans are starting to take shape for future development of the former Harrison and McKinley school sites on Peoria’s south side. But they’re apparently not yet ready for the public.