The Rockford housing market has seen its first dual drop in total sales and average price in the same month in 2015.
A total of 359 properties were sold in Winnebago, Boone and Ogle counties in October, a drop of 3.5% over 372 sold last October. The three-month rolling average sales price dropped 1.1% to $111,279 this October from $112,507 in October 2014.
“The strong market momentum that carried into September stalled in October,” commented Steve Bois, CEO, Rockford Area Realtors, “The fall can often bring a seasonal slowdown, as the streak of nine straight months of year-over-year price increases ended in October.”
Bois said that Friday’s job reports fuels market expectations that an interest rate hike may happen this year.