Home sales in the tri-county Peoria area were off 2% in the first quarter compared to the same period a year ago. John Purple, President of the Peoria Area Association of Realtors, says the primary reason is weather.
"The first quarter of last year was unseasonably warm. That, combined with the pent-up demand to buyers waiting for opportunity to buy, that kind of jump started 2012 with record activity."
Inventory levels are down 25% from where they were a year ago, creating more of a seller's market. Purple says, with better weather and mortgage rates remaining at historic lows, the second quarter is starting out on a high note.
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