Housing Market Showing Signs Of Strength - News and Weather For The Quad Cities -

Housing Market Showing Signs Of Strength

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There is more encouraging news about the housing market and the overall economy, including in the Quad City area.

A report released Thursday shows sales of existing homes rose in February to the highest level in more than three years. The National Association of Realtors says sales increased .08 of a percent in February from January. That was the highest sales pace since November, 2009, when a temporary home-buyer tax credit had boosted sales. The February sales pace was also 10 percent higher than the same time last year. Steady hiring and near-record-low mortgage rates have helped boost sales and prices in most markets.

Illinois realtors are also sharing good news on existing home sales. They say February sales are up over 16 percent from a year ago and prices are up by more than 5 percent statewide. They are especially encouraged because typically, January and February are slower months in the real estate market.

Iowa realtors released their figures last week and show home prices were up substantially, but sales dipped slightly. Overall, sales across the state dropped 2.9 percent in February compared to the year before while the median sale price jumped almost 13 percent. Officials say the drop in sales could be due to inventory levels.

In fact in the Quad Cities, realtors have reported there is a shortage of homes on the market and that's resulting in multiple offers on the homes that are for sale. Quad City area inventory is said to be at the lowest level since 2001.