Categorized | Residential

Rockford Achieves Real Estate Milestone

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The city of Rockford hit a residential real estate milestone in May, as it enjoyed its twelfth straight month of sales increases. It is the first time since records have been kept that the city has had an increase in sales for twelve months in a row. The milestone comes during a time in which real estate markets in many areas of the United States are struggling to get back on their feet.

In addition to the increase in sales, housing prices have also experienced strong gains in the past few months. The average home price is now up to nearly $105,000.

Sales will likely continue to rise in the near future provided that there is enough sales inventory to provide for any kind of increases. Sales inventory is down in many areas of the country, including Rockford. The record-low mortgage rates and still very affordable prices have led investors and first-time homebuyers to enter the market in droves over the past few months.

Rockford’s success has been duplicated in other areas of the country, particularly in Miami and various cities in Arizona. Other cities in the United States have not shared the same success just yet. However, economists believe that the residential real estate market has already hit its bottom, and that it will, on average, start to see small sales and pricing increases for the rest of the year.

Significant recovery will not likely be seen until 2013 or 2014, though any kind of gain will be welcomed after the last five years of decline.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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