By Adam Studzinski
BLOOMINGTON – Home sales in Bloomington-Normal saw another increase last month.
Overall sales jumped 11.2 percent in April compared to April 2015 and are now up 5.6 percent for the year. That’s primarily driven by existing house sales, which are up 9 percent for the year. Association of Realtors President Karen Stailey-Lander attributed this to people being in a better economic position.
“Maybe there’s some people that wanted to move a couple years ago that had just put it off,” said Stailey-Lander. “I think that the market is really coming back and we’re seeing increased sales every month.”
However, the news isn’t all good. New construction sales have struggled this year and are down 29 percent. Stailey-Lander said this is likely due to the rising cost of building a new home.
“According to our area builders, the increase is really primarily due to increased cost in the building materials, even the labor,” said Stailey-Lander. “But most importantly, recent changes to building code requirements. Those regulations are adding things to the cost of a new home.”
Stailey-Lander added she’s encouraged by the fact new home sales have gone up each month in 2016.
Adam Studzinski can be reached at adam.studzinski@cumulus.com.
