ROCKFORD - The local housing market has its best sales numbers in seven years.
The Rockford Area Realtors report 4,081 properties were sold in 2013. It's the first time since 2007 home sales hit 4,000.
"The Illinois housing picture grew brighter in 2013" says Steve Bois, CEO of the Rockford Area Realtors. "We believe that the market will continue to recover throughout this coming year."
There is one area of concern though that could trouble potential home buyers.
The average 30 year fixed rate mortgage rose to 4.53% last week and is expected to hit 5.5% by the end of the year. It comes as the Federal Reserve begins to wind down its monthly bond-buying program.
"Each percentage point increase in mortgage rates makes homes about 10% more expensive in terms of higher housing payments" says Bois. "Higher interest rates may push some buyers into lower-priced homes than they could afford last year."
Still, Bois says the future is bright for the nation's housing market because the gross domestic product and net job growth are both moving forward.