ROCKFORD (WIFR) – For the first time this year, the Rockford Housing Market is seeing an uptick in sales.
“It felt like we were coming to the precipice with interest rates and home prices going up, so we felt like okay, we’ve got to jump now.”
According to Rockford Area Realtors, nearly 300 homes were sold last month, up almost 7% from this time a year ago. It’s also the first sales increase of 2014. The average price of homes has dropped to around $88,000 that may be due to the high number of foreclosed and abandoned homes still being sold.
“I guess the good news of that is we’re cleaning up our distressed properties but the bad news is we still have 42 percent right now of our sales that are distressed but we see over time that’s not going to improve,” said Steve Bois with Rockford Area Realtors.
According to a University of Illinois study, average home sales for the next few months are expected to increase over 20% across the state.