By Adam Studzinski
BLOOMINGTON – New construction home sales in the Twin Cities are starting to improve, after a slow first half of 2016.
The latest numbers from the Bloomington-Normal Association of Realtors showed while sales are down 12.8 percent compared to 2015, pending sales have started to move ahead of last year. The reason, according to BNAR President Karen Stailey-Lander, is hard to pinpoint.
“I think that because of the economic conditions that we have been enduring since 2008, actually, I think there’s a little bit of pent up desire to move for some people and to have that brand new construction,” she said.
Existing home sales are up 6.8 percent year to date – overall sales have jumped 5.4 percent.
“No reason to think that we won’t be able to finish the year ahead of last year, in both existing and new construction,” said Stailey-Lander. “We certainly hope that’s the case.”
Stailey-Lander noted the group’s inventory of available homes has remained relatively steady, which is a sign the local housing market is healthy.
Adam Studzinski can be reached at adam.studzinski@cumulus.com.
