Tight inventory in November again drove up average home-sale prices in Bloomington-Normal, as the market for newly built homes continued to sink.
In November, 167 existing homes sold, eight more than this time last year, the Bloomington-Normal Association of Realtors reported Tuesday. Existing-home sales are flat (2,489 total) in 2017 compared with the first 11 months of 2016, BNAR reported.
Prices are on the rise. The average price for an existing home is now $170,193, up 4.6 percent from a year ago. Realtors say low inventory is driving up prices. With few options on the market, buyers and real estate agents are reporting swift sales.
Existing-home sales make up the vast majority of local real-estate activity.
Just 11 newly built homes were sold in November. That’s flat from November 2016. Overall new construction sales are down 16.7 percent in 2017 versus last year.
A closer look at Bloomington-Normal home sales:
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