By Howard Packowitz
BLOOMINGTON – Home prices climbed in Bloomington-Normal, according to latest available data, amid a tight supply and reduced demand.
The Bloomington-Normal Association of Realtors reported the average price for existing homes rose 4.8 percent in September, compared to the same time a year ago.
The average price was $170,663, up from $163,224 in September of last year.
Association President John Armstrong said it’s one of the sharpest increases in many years, caused mainly by low inventory.
It’s basic economics, said Armstrong, that low inventory and good buyer activity will boost prices.
He said that’s good news for so-called “move-up” buyers because they’re adding equity from their current homes.
For the first nine months of the year, the association said sales dipped 0.4 percent from year-ago levels.
The realtors association reported 112 sales of newly-constructed homes in September, down 14.5 percent from the same time a year ago.
Howard Packowitz can be reached at howard.packowitz@cumulus.com
