Local - B-N Home Prices Up, Sales Dip - April 2006

BLOOMINGTON -- New homes in Bloomington-Normal cost about 14 percent more than they did a year ago, according to information released recently by the Bloomington-Normal Association of Realtors. Twin City home sales, meanwhile, fell about 14 percent from March to April, mirroring a national cooling in the real estate market.“April is down a little but that doesn’t concern me,” said association President John Armstrong. “I know we’re still on record pace.” In April, 43 new homes and 173 existing homes were sold, compared to 46 and 205, respectively, in March. Pending sales should boost that total above March figures, Armstrong noted, and home sales for the year are up about 1 percent from 2005, when Bloomington-Normal tallied its fourth straight record year for home sales. Nationally, new home sales are expected to drop nearly 12 percent and existing home sales should fall around 6 percent, according to the National Association of Realtors. Home values, meanwhile, should wane to single-digit increases, said NAR President Thomas Stevens. Not locally, however. The average Twin City homebuyer spent $266,597 for a new home from January through April, up about 14 percent from $233,524 during the same period in 2005. Developers are constructing pricier homes, Armstrong said, but an influx of rebuilding in the Gulf Coast following last year’s hurricanes also has jacked up the cost of building materials. Existing homes, meanwhile, appreciated about 4 percent from last year, he said. Article Source - The Pantagraph by Scott Miller Appraisal , Real Estate , Appraiser , Bloomington , McLean , Illinois , Realtor