Home sales in the Peoria area were up during April, May and June, buoyed in part by a more competitive marketplace. Laura Martin, President of the Peoria Area Association of Realtors, says consumer confidence is higher and that leads to more home sales.
"When people feel comfortable with their jobs, with the economy in their area, it makes them feel a little safer. We're seeing that unemployment rates are down and interest rates are staying stable right around that 4%."
Martin says money is more available to purchasers since banks began lowering the qualifying credit scores for some loans. She says inventory is tightening up, which benefits sellers because it stabilizes prices while buyers benefit from the low cost of money. Inventory was down 24% compared to the end of the second quarter last year. Homes in the Peoria area during the second quarter averaged 94 days on the market. The average price is up to $144,290--an all-time high.
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