The unusually hot weather in central Illinois last month did not deter home buyers from venturing into the market. 20% more dwellings changed hands in the twin cities this June compared to June of last year. The 275 sales this year is also a 9% increase from 2010. A small drop in new home sales was more than compensated for by a nearly 23% increase in existing home sales last month. Steve Rader, president of the Bloomington-Normal Association of Realtors, says that means the home market is tightening up:
"Our inventory is running right at what it usually is, I think yesterday I checked and it was 1,258 listings, and that's pretty normal for this time of year. There a year ago or so we were up to 1,600, so, that's the most I'd seen"
Rader says builders are constructing more modest homes, and that's reducing the average price of new homes sold from $295,000 a year ago to $281,000 last month. Meanwhile the average price of existing homes sold last month was $174,000, up from $159,000 in June of 2011.
See the Bloomington-Normal Association of Realtors detailed June 2012 home sales figures.
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