PEORIA, Ill. — Interest rate hikes and lower housing inventory continue dragging down sales numbers in the Peoria area.
It’s the latest from the Peoria Area Association of Realtors as they release figures for third quarter, 2022.
They say local home sales during the July to September period were down 15.2 percent from the same period last year.
At the same time, Peoria homes are selling for roughly $11,000 more than they were in Q3 2021, up nearly 7 percent over the prior year.
“We are still seeing strong sales. The quarter was the third highest (third quarter) in PAAR history,” said PAAR President Robin Simpson.
PAAR says interest rate hikes by the Federal Reserve have ratcheted the average 30-year mortgage rate to 6.92 percent, meaning buyers are getting more and more selective.
They say the inventory of available homes was also down 11 percent last quarter.
“We are still low on inventory compared to previous years but it has remained pretty stable with about 850 homes available for sale,” said Simpson.
More information on purchasing a home in the Peoria region can be found at www.309MLS.com
