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Rockford Home Sales Up 16% in November

With the Case-Shiller home price indices showing existing-home sales across the country settling into a slump for the year, Rockford housing sales continued a torrid pace in November jumping 16% in year-to-year sales.

Rockford Area Realtors sold 406 homes, condos and townhomes in November, 56 more properties than last November's total of 350 properties.

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Sales up 8 of 11 months this year

"After declining six consecutive months, existing home sales increased nationally in October," said Conor Brown, CEO, Rockford Area Realtors. "Rockford tells a different story with two straight months of sales volume increases, and eight of 11 months higher than the previous year."

Largest month-over-month increase in last year

The 16% bump in November was the largest month-over-month increase this year and the largest since last December, when sales jumped almost 20%.

Average rolling price up 4.7%

Housing prices also saw a significant increase. The three-month rolling average price of a home sold this November in Winnebago, Boone and Ogle Counties was $137,415, 4.7% higher than last November's average of $131,260.

"The average price of a home in November rose $6,155 in the Rockford area," Conor said. "Whenever you have a limited supply of housing that is in high demand, prices increase."

Absorption rate at 2.87 months

The absorption rate - the time it would take to sell out all the homes in the Rockford market - is at 2.87 months, the lowest November average since stats have been collected, dating back to 1999.

"In real estate, it takes a six-month supply of existing inventory to maintain stability," Conor explained. "In most housing markets, anything less than six months of inventory will typically cause home values to appreciate and anything greater than six months of inventory will typically cause prices to depreciate. Right now, home values are greatly appreciating."

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Key Market Statistics

STATISTICS

NOVEMBER 2017

NOVEMBER 2018

CHANGE

Residential Properties Sold

350

406

+ 16.0%

3-Month Rolling Average Selling Price

$131,260

$137,415

+ 4.7%

New Listings

352

374

+ 6.3%

Monthly Inventory

1,121

1,108

- 1.2%

Sales Pending

574

472

- 17.8%

Absorption Rate (months)

3.01

2.87

- 4.6%

Interest Rates (30-year fixed)

3.90%

4.81%

+ 23.3%

*Monthly statistics are generated from Rockford Paragon MLS and include house, condo, and duplex in Winnebago, Boone, and Ogle counties. Information provided by the MLS shall be considered confidential and exclusively for the use of Participants and real estate licensees affiliated November 2017 vs November 2018. The data provided is considered accurate but not guaranteed.*

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