Home sales in Rockford break three year record high - WREX.com – Rockford’s News Leader

Home sales in Rockford break three year record high

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ROCKFORD (WREX) -


Take a drive through any neighborhood in Rockford, and you're bound to see a lot of signs in front yards. And they aren't just for the election.

No matter who gets voted into office November 6th, there's one thing everyone can agree on.  Home sales are going up in Rockford.

October home sales in Rockford are the highest they've been in more than 3 years.  Rockford Area Realtors sold 416 homes last month, nearly as high as in June of 2009.

"Typically sales volumes from September to October go down., 3.5 to 4 percent seasonally go down. This month they went up significantly," said Rockford Area Realtors CEO Steve Bois.

But in October, they went up, a little more than 14 percent from September's numbers.

 Bois says low interest rates, feeling about the economy, and demand for jobs in the area are all helping.  "The consumer confidence index is the highest it's been in five years. And that really has an impact on the housing market. You have to be positive about the economic future before you are going to invest in a house."

 Another number to consider, about 25 hundred homes were listed for sale in October, the lowest number in five years.

 "So as that inventory continues to whittle down, prices will start to rebound more, it's a supply and demand curve," said Bois. "So eventually at some point in time we may even get back into a sellers market, but right now it's still a buyers market."

But he says the market is headed in the right direction. "Who knows what's going to happen in the election and what impact that's gonna have on us, but overall, over the long haul, I think the region is doing what it needs to do to succeed."

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