A big surge in new home sales is being credited with fueling a nearly 28% increase home sales in the twin cities during the first quarter of this year compared to 2012. Bloomington-Normal Association of Realtors President Thom Jones says the increase is even more pronounced when you compare March to February
"If you look at the month to month, it's even better at 70% over last month for total units, and one thing that look really good to us is new construction. You know that's 51% over last year and 70% over last month."
While the number of new homes changing hands rose dramatically, the price shrunk. The Average new home built in Bloomington Normal sold for $274,500 in March, compared to $313,000 in February. Jones says that shows buyers are still seeking bargains, even with low interest mortgages available.
In all 225 dwellings were sold in March of this year at an average price of $178,000.
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