Home sales in the Peoria area rose sharply in July by more than 16% from the same month a year ago. Realtors Association President Elect John Purple says mortgage interest rates below three and a half percent on a 30 year loan and rising rent in many apartment brackets are contributing to the move back to home ownership. Housing inventory for sale is down by nearly a quarter from July of last year. Average sale price is up by 11.7%. It still takes about the same amount of time for a home to sell, though, an average of slightly more than three months on the market. Purple says developers are reading those signs and starting to put up more homes on spec. and through contract to build. He says lot sales have also risen from this time last year.
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