Rockford Area Realtors
September 2008 Housing Sales
October 3, 2008
Rockford, IL – Rockford Area Realtors sold 370 homes in September, almost equal to the373 homes sold in August and faring much better than the past ten-year average, in which sales typically fall 15.6% from August to September.

The average price of homes sold by local Realtors fell slightly in September compared with August. The rolling average home sales price (the most accurate local housing price)in September was $138,614, $819 less, or just 0.5% off the August price of $139,433.

The average price of homes sold by local Realtors trails 2007ʼs average price by 3.8percent, while national home prices are down an average 7 to 16 percent over the past year.

Through September, local Realtors have sold 3,146 home and condominiums for an average price of $138,614. In 2007, Realtors sold 4,647 homes and condos for an average price of $144,128.

“There is some good news in September housing numbers,” commented Steve BIOS, CEO of Rockford Area Realtors, “Even with the fluctuations in the financial markets,home sales were stable for the month, when normally they fall by more than 15% from August to September.

And area homes prices are slightly down, but holding their overall
value, particularly compared to national home prices.”

Realtors are reporting strong interest in open houses the past two months, usually an indicator of future market activity. The National Association of Realtors reported August house showings were up 30% compared to the same month last year.

Rockford Area Realtors are upbeat about market prospects, having just launched the second phase of a new advertising campaign aimed at first-time home buyers.
“There are great buys out there,” commented Bois. “With extremely attractive home prices and a variety of mortgage financing options, home ownership feels within the reach of a significant segment of new potential buyers.
There is a growing sense that houses have
become a great deal, a deal difficult to pass up.”