August home prices in the Rockford area hit a 59 month high - WREX.com – Rockford’s News Leader

August home prices in the Rockford area hit a 59 month high

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ROCKFORD (WREX) -

Rockford Area Realtors report a shrinking housing inventory and quicker sales turnover results in the highest average sale price since October 2010.

The three month rolling average for homes sold in the Rockford area in August hit $119,100, which is the highest since October 2010 when homes sold for an average of $119,968.

Rockford Area Realtors CEO Steve Bois says the impact of limited housing inventory is driving home sales and prices higher.

Sellers who list home are averaging less than six months from the time a home is listed to the final sale.

416 homes were sold in August, down from 430 from the same time last year.  However total sales for the year are up six percent compared to 2014.

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