Home sales in the Peoria area rebounded during late spring to make up for early-year weather-related slumps. According to figures provided by the Peoria Area Association of Realtors, sales were up more than 3% in the second quarter compared to last year. That's despite a late rally that didn't begin until May. PAAR President Tonya Burris says typically sales begin to pick up in March, but were late because of the brutal winter and early spring.
"June over June, we've had an 11.7% increase in home sales compared to June of 2013 and if we look at the quarter, we're happy with the fact that the home sales were up 3.2% and our median sale price increase 1.5%."
Burris says, besides the weather, improved consumer confidence is responsible for stronger 2014 sales. She says new construction numbers are higher but are skewed by those rebuilding from last fall's devasting tornado. Burris says inventory right now is tight creating a sellers' market.
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