Rockford Area Realtors have released a mixed bag of data about the region’s home sales.
Total home sales are down, but the average sale price has increased, the agency reported.
A total 419 homes sold last month, down 3.2% from 433 in May 2017. Still, it’s the second-highest number of homes sold for the month of May in 11 years.
April’s total home sales were down 7.3% from the previous April.
“While month-to-month sales since the beginning of the year recorded solid gains, the last two months were the first back-to-back months of lower sales in almost 2.5 years,” said Steve Bois, Rockford Area Realtors’ CEO, in a news release.
The three-month rolling average price for Rockford homes increased 4.4% from $127,529 in May 2017 to $133,210 this May. That was the highest May average since 2008, when homes averaged $137,847.
Bois added May’s average price indicates the market is reaching full recovery.
“The continued expansion of the economy has certainly helped sustain the housing recovery,” Bois said, “although rising interest rates and uncertainty about the impact of the current trade war may somewhat dampen growth in the rest of 2018.”
Tribune Content Agency