The Bloomington-Normal Association of Realtors indicates interest rates and continued growing confidence as reasons to stay optimistice in 2013. (WJBC file photo)
By Zach Dietmeier
BLOOMINGTON - Home sales in the Twin Cities are steadying as the end of 2012 approaches.
Bloomington-Normal home sales held mostly steady in November. Total sales saw the average price drop from 175-thousand in October to about 170-thousand dollars last month, but Bloomington-Normal Association of Realtors President Thom Jones says the year-to-date is still on the rise.
"We've been up with numbers for most of the year," Jones said. "It's a good thing to see increases over last year. We still have a long way to go before everything is back to normal, but we're still looking good."
However, Jones said uncertainty for the future will remain as long as no decision is made on the fiscal cliff.
"Based on the economy, how comfortable do people feel while we face the cliff and no one knows what will happen," said Jones. "We can just keep moving forward for now."
The average price was slightly less than October, but the Bloomington-Normal Association of Realtors said total unit sales are up 23 percent from last year. Jones credits increasing individual buyer confidence and good interest rates as factors in the continued housing recovery.
"It's kind of an indicator to see first-time buyers getting into the market, which is good because there are still many great buyer programs that they are taking advantage of, it looks like," said Jones.
Additionally, there is more reason for optimism for new and potentially new homeowners.
"Interest rates are still really good," said Jones. "We're showing a good increase in sales at 45 percent of the market that sold in November were below $150,000."
Zach Dietmeier can be reached at email@example.com.