We Value Bloomington-Normal

According to IAR's October Market Stats report, total home sales (which include single-family homes and condominiums) were down 16.9 percent in October 2008 to 8,557 sales compared to October 2007 sales of 10,302.

The Illinois median price in October was $173,000, down 10.1 percent from $192,500 in 2007. The median is a typical market price where half the homes sold for more, half sold for less.

According to U of I economist Dr. Geoffrey J.D. Hewings in the latest REAL forecast:

“The uncertainty about the disposition of the $700 billion bailout continues to generate downward pressure on the stock market and places recovery of the housing market to a more distant time in late 2009 or 2010.”