Homes sold in Winnebago, Boone and Ogle counties in June 2024 hit a record high average price of $213,644, according to NorthWest Illinois Alliance of Realtors. (Photo via Canva Pro)

By Kevin Haas
Rock River Current
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ROCKFORD — Home sale prices in the Rockford region topped a record high for the second-straight month in June, according to new data from the NorthWest Illinois Alliance of Realtors.

The three-month rolling average price of a home sold in Winnebago, Boone and Ogle counties was $213,644 in June. That tops the May record of $210,089. The average price is up nearly 8% from June 2023, when average prices reached what was then a record high of $198,254.

“For now, sellers are still benefiting from a tight housing market inventory,” Conor Brown, CEO of NorthWest Illinois Alliance of Realtors. “Prices have climbed year-over-year for the 49th month in a row.”

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Homes meanwhile spent an average of 12 days on the market, the third fastest pace ever. The fastest was 9 in July 2023 followed by 10 in July 2022.

Meanwhile, a new report from Realtor.com ranked Rockford as the third-hottest housing market in the country in June. It was behind Hartford, Connecticut, and Manchester-Nashua, New Hampshire.

The report from Realtor.com measured demand by views per property. Demand in the top 20 markets was nearly three times the national level in June.

“High demand and scarce inventory conditions drive views per property higher, upping the competition for homes in the hottest markets, and leading to snappier sales,” the report from economic analyst Hannah Jones stated.

There were 268 homes for sale marketwide in June, an increase of 10 from June 2023.

“Rockford homes have appreciated in value and inventory levels have increased, albeit slightly, but this could signal that our inventory shortage has begun to plateau,” Brown said. “And once again we find ourselves named a top U.S. housing market as we’re seeing significantly more demand than the typical home nationally.”

There were 324 total homes sold, down 12% from the 369 the same month a year ago.

Realtors say high prices and elevated mortgage rates are leading to fewer sales. The average 30-year fixed rate mortgage was 6.92% in June, down slightly from 7.06% in May.

The average mortgage rate has hovered around 7% most of the year. That’s more than double the rate was three years ago when rates plummeted in response to the coronavirus pandemic. The average 30-year fixed rate hit an all-time low of 2.65% in January 2021 before rising to 7.79% in October 2023, according to Freddie Mac.

This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on X at @KevinMHaas or Instagram @thekevinhaas and Threads @thekevinhaas