Peoria-area Home Sales Down 15.2% in 2nd Quarter
Lack of inventory cited as main cause of decline as interest rates rise to cool off inflation July 21, 2022 PEORIA, IL- The lack of homes on the market in the Peoria area remains the single biggest factor in the 15.2 percent decline in home sales for the second quarter over the same period in 2021, according to the Peoria Area Association of REALTORS®. PAAR reported that 1,983 homes were sold in the Peoria area in the second quarter of 2022, compared to the 2,338 area homes sold between April and June last year. "Home sales are down year over year due mostly to still historically low inventory," said PAAR President Ryan Cannon. "Closed sales were down 15.2 percent, however, inventory was down 23.5 percent. Fewer homes to sell means there will be a decline in sales," he said. Inventory- the number of homes on the market availab...