Rockford home sales on the decline, interest rates drop

Local News

ROCKFORD, Ill. (WTVO) — COVID-19 is playing havoc on local housing numbers, as housing sales have dropped for the first time this year.

Throughout Winnebago, Boone and Ogle counties, 346 homes were sold in April, down about nearly 9-percent from the same time last year.

The price of homes is on the rise, however. The average selling price of a home was over $141,000, which was $16,000 more than last year’s average price.

Realtors say that homes are still selling due to low interest rates.

Rockford Area Realtors CEO Connor Brown said, “This is a great time to buy a little bit more house, without paying a higher interest rate. So, I would, if I was a buyer, make sure you’re ready to buy. Work with a local lender. Get pre-approved. And then, when the house comes on the market, be ready to buy it.”

A 30-year, fixed-rate mortgage was 3.31 percent last month.

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