OGLE COUNTY (WREX) — Home sales jumped nearly 9% in August to a record high, according to the National Association of Realtors. The group says the numbers point to continued strong sales into October.
Contract signings are up more than 24 % compared to last year after it fell earlier in the year because of the pandemic.
Historically low interest rates pushed buyers to the market even as home prices rise due to lack of inventory.
The housing market become competitive due to buyers flocking to available units because of the low interest rates. Homebuyers then struggled to find a home that meets all of their needs due to lack of options. That's why some families went a different route.
"It's just Econ 101. Demand is there. Buyers are out wanting to buy, but they don't have any product so they're turning to building," said Youssi Custom Homes Owner Chris Youssi.
According to data from porch.com , Rockford alone saw 80 new homes built in 2020. That brings more than 12 million dollars to our local community.
The building boom expands beyond Rockford though, Boone and Ogle counties have seen the increase too.
"People are just anxious to get started and take advantage of the great interest rates," said Youssi.
One Ogle County couple spent two years looking for a home, but in the competitive market they turned to building. Their newest feature is a home office.
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October 01, 2020 at 08:51PM
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Low housing inventory pushes buyers to build new homes - WREX-TV
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