Home Sales Drop Eighteen Percent

By WEEK Reporter

July 19, 2011 Updated Oct 24, 2013 at 4:28 AM CDT

The Peoria area home sales are slowing.

Second quarter home sales fell 18% compared to the same time last year.

Michael Maloof, President of the Peoria Area Association of Realtors, says selling about 250 fewer homes was not unexpected.

Maloof explained, "That's not something we wanted to see, but not unexpected because 2010 was such an erratic year. We're recovering from the aftermath of a meltdown. We've got tax incentives from the government putting into the market. We've got banks not knowing how tight they needed to make loan applications and credit scores. We look more to 2009, which was more of a tradition year, and we're two percent ahead of where we were in 2009."

Maloof says to get a more realistic picture of the local housing market, buyers and sellers need information on what's happening in their specific neighborhoods and price ranges.

The median sale price in the Peoria area in the second quarter was $113,000.

To submit a comment on this article, your email address is required. We respect your privacy and your email will not be visible to others nor will it be added to any email lists.