The Bloomington-Normal residential real estate market is showing signs of a complete return to its strongest days of 2006. 315 homes changed hands in August, the fourth straight month with 300 or more closings. That hasn't happened in seven years. Realtors' Association President Thom Jones says there are other signs of recovery, too.
"Compared to 2006, the average home price was $176,000, and were at a little over $177,000 now."
Jones says he would be surprised if September matched the 300 sales total since transactions typically slow after summer and school is back in session. He says any slowdown in the coming months will reflect seasonal trends and does not mean the economy is slowing down. Of the 315 closings last month, 26 were in new construction. That marks the sixth straight month of 20 or more newly-constructed home sales. The number of units sold during 2013 is running 19% higher than a year ago through August and total dollar volume is up 22%.
See the August home sales statistics
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