ROCKFORD (WIFR) -- Sales of homes and condominiums increased 6 percent from July to August, while the average price hit $121,914, the highest monthly average for the year.

In August, Rockford Area Realtors sold 265 properties, up 6 percent from 250 sold in July 2010. The three-month rolling average price rose $1,778 from $120,136 in July to $121,914 in August, a high for the year. This was the highest monthly average since November of last year ($124,236).

“What’s surprising about the new housing numbers is the fact that prices have remained stable and even increased, as sales slowed after the tax credit expired in June,” commented Steve Bois, CEO of Rockford Area Realtors. “This is good news for home sellers. If you plan to sell this year, the value of your home is probably highest right now.”

Rockford Area Realtors show a slight up-tick in sales pending for September with Realtors reporting a similar increase in home-buying activity with new types of homebuyers entering the market. Novel buyers include upwardly mobile Gen Y singles looking to take advantage of historically low interest rates, families trading up to a second
home and financing 15-year terms with interest rates well under 4 percent, and empty-nesters looking for second investment properties.

Bois said that while there still are economic uncertainties, “this housing market without a doubt presents great opportunities for buyers. Buyers need to realize the outstanding deals are available right now because the assortment of homes available for sale are fabulous, low interest rates and in many cases lower pricing.”

He added, “The low mortgage interest rates will help cushion a summer slowdown. Record low rates under five percent along with affordable home prices provide opportunities for buyers who weren’t able to take advantage of the credit.”

For the first eight months of the year, Rockford Area Realtors have sold 2,370 properties, 3.7 percent more than the same period last year when 2,283 properties were sold. Rockford Area Realtors expect 2010 total sales to be at about the same level as 2009, when 3,642 properties were sold.