A combination of factors has lead to the largest drop in monthly sales in the Rockford housing market this year.
Depressed inventory, lack of new construction and a decreasing number of first-time homebuyers are all key factors putting downward pressure on housing sales. October and November were the first two consecutive months with year-over-year sales drops this year.
“There are a lot of sticking points that are not letting the market move forward the way it wants to,” said Steve Bois, CEO, Rockford Area Realtors. November sales dropped from 298 homes sold last year to 261 sold this November.
Experts also note that it looks likely that interest rates will be going up for the first time since 2006.