ROCKFORD, Ill. (WTVO) — The Rockford area housing market showed no signs of slowing as it entered the new year, according to a newly released report.

January set a record for the average sale price.

On average, homes in Boone, Ogle, and Winnebago County sold for $166,500, up $8,500 from December 2021.

In January 329 homes were sold, the most in one month since 2007.

Experts say the spring buying rush is starting early this year due to expected interest rate hikes.

“One bright spot was, we had a 17% increase in the number of new homes listed, but buyers just really gobbled them up because we actually saw a decrease in our overall, year over year, inventory,” said Rockford Area Realtors CEO Connor Brown.

Right now, the average 30-year fixed-rate mortgage rate is just under 4%.