Home sales are up in Peoria

By WEEK Reporter

October 23, 2012 Updated Oct 23, 2012 at 10:52 PM CDT

PEORIA, Ill -- Home sales are up in the Peoria Area.

According to the Peoria-Area Association of Realtors, Third Quarter sales this year show continued improvement.

Sales of single-family homes and condominiums are up 12.8 percent-- or about 160 more unit sold-- compared to the third quarter last year.

On average, home prices are up and days on the market are down, which are positive signs for sellers.

New association president John Purple says although September sales were slow, the Peoria-area has seen a better-than-average economic recovery overall.

"We did not see the huge prices increases that were seen in other parts of the country, therefore, we didn't see a major market crash either, so we had less ground to make up," Purple said. "We have a pretty strong job market with Caterpillar and the hospitals in the area. They're consistently moving people out in the housing market, and of course interest rates are historic lows."

John Purple says fourth quarter sales are expected to be a little slower, with the holidays and cold weather as contributing factors.

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