October 5, 2009
Rockford, IL – Rockford area home sales increased 8 percent in September, the first August-to-September increase in two decades (since records were first tracked in 1990),in housing stats released by Rockford Area Realtors.

Sales rose from 337 condo and home sales in August to 364 transactions in September. Typically, August to September sales fall an average 14.9 percent (as measured over the last decade).

The three-month rolling average price of $128,808 in September was down slightly, off 1.7 percent from $130,131 in August.

“It’s still too soon to know when a full recovery in the housing market will happen, but this was another month pointing in the right direction,” commented Steve Bois, CEO of Rockford Area Realtors.

“September sales hit a record spurred by attractive interest rates,
an improvement in consumer confidence nationally and the first-time home buyer tax credit.”

Other September stats point to a continued strong fall sales season. Housing inventory levels fell from 3,530 properties in August to 3,475 in September.

And pending home sales (contract signings) grew by 5.6 percent for the month, hitting their second highest level of the year.

Perhaps the biggest factor spurring fall sales is the federal first-time home buyer tax credit.

The Internal Revenue Service reported in September the $8,000 first-time homebuyer tax credit has benefitted more than 1.4 million people to date, with an estimated 2 million expecting to take advantage of the credit.
Bois commented, “Buyers have little time to act because contracts signed must be completed by November 30, with it taking
approximately two months to complete home sales in the current market.”