Sales and the average costs jumped in the Rockford market, according to Rockford Area Realtors.
433 homes sold last month, compared to 408 in May last year. It's the highest point since the 2008 housing recession.
Steve Bois, CEO of Rockford Area Realtors, attributed the uptick to a growing economy, like the construction of MercyHealth and completion of the Woodward Governor facility.
“If you believe the supply-demand statements in marketing,” he said. “The supply is low, and the demand is relatively high, which creates a stronger pricing situation.”
Bois said demand is high going into the summer.
“The amazing thing about when first-time homebuyers increase in the marketplace," he says, "they allow for move-up buyers, because they buy that first-time home. And that person living in that first-time home, size-wise, so to speak, investment-wise, can move up to the next level.”
Bois expects the trend to continue, but says the inventory of homes for sale needs to grow.
He said the average home price in Rockford is about $127,500, which is about 10 percent more than this time last year.
