January home sales in the Rockford region are up 7.4 percent compared to the same period last year.
Rockford Area Realtors sold 232 homes last month, compared to January 2012's 216 homes. The last time January sales were equal or higher was January 2007 when realtors sold 351 homes.
The average three-month average sales price also increased. Last year the average price was $94,371 in January, but January 2013 had an average price of $99,173.
"After five grueling years, Americans are finally feeling optimistic about the housing market," CEO of Rockford Area Realtors Steve Bois said. "Home sales were up 18.7 percent from 2011 to 2012, the first year-over-year increase since the U.S. housing bubble burst in 2007. January continues that trend."
Despite the gains in sales and price, the local housing inventory fell to 1,897 last month, marking the seventh straight month of declines. Inventory levels in January were the lowest in nine years, with a previous low of 1,892 in January 2004.
However, January's new listings topped January 2012's by 57 with 445.
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