Home prices inch up in June

By Alex Gary

BusinessRockford.com

The average home-sale price through June moved up to $122,775, the first time the rolling average price has topped $120,000 since January, as higher-priced homes sold at a better rate in June.

Rockford Area Realtors released June’s sales and average-price figures this morning. The association’s figures include only sales in which a member of the association was involved and could include transactions outside Boone, Ogle and Winnebago counties.

The 1,022 association members sold just 300 homes in June, the lowest total for June this decade. But the association reported that there were 471 pending sales at the end of June, the highest level for that statistic since April 2008.

The rolling average price climbed 2.5 percent from May but was 12.6 percent below the average through June 2008 of $140,459. The Rock River Valley, like the rest of the country, saw record home-sale price increases from 2002 through 2006 before prices flattened out in 2007 and 2008, and plunged in early 2009.

Home prices have been hurt by a rise in the number of foreclosures on the market and the decline in sales activity of newly built homes.

Assistant Business Editor Alex Gary may be reached at agary@rrstar.com or at 815-987-1339.

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