May 2012 marked the twelfth straight month of year-to-year sales increases for the Rockford housing market since data collection began in 1998.
Rockford Area Realtors sold 340 homes last month, up 23 percent from the 276 homes sold in May of 2011. Since January, 1,352 homes and condos have been sold, up 30 percent from the same period last year. As for prices, the three-month rolling average price is $104,888, up from $101,999 in April and $103,916 of May 2011.
"Marketwide home sales saw a full year run of month-over-month gains in May with the average price at its highest mark in eight months," Steve Bois, CEO of Rockford Area Realtors, said. "The market is heading up, for many of the reasons we've been pointing out: interest rates are still jaw-droppingly low, distressed housing sales are keeping prices competitive, and people are feeling better about the economy."
Although housing prices have gone up, interest rates continue to drop. The interest rate on a 30-year fixed mortgage has dropped to 3.75 percent, according to Freddie Mac, the lowest rate since long-term mortgages began in the 1950s. Interest rates were 6.53 percent at the beginning of the housing recession in 2006.
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