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Summer Weather Heats Up July Home Sales Activity

July Home Sales Highest for Month Since 2007

 

            Summer weather brought heat to the Champaign County area housing market in July as the total number of home sales increased sharply and the area median home sale price experienced moderate gains over the prior year. The July home sales total is the highest for the month of July since 2007 when 439 home sales were reported.

            For the month of July 2015, there were a total of 357 homes sold, an increase of 17.04% from the 305 homes sold in July 2014. Year-to-date home sales through July of 2015 totaled 1,711, a 6.80 percent increase from the 1,602 sales in the prior year.

            The median home sale price for the Champaign County region in July was $160,000 up 7.74% from $148,500 reported a year ago. The median is a typical market price where half the homes sold for more and half sold for less. The median home sale price increased for the tenth month in a row. The year-to-date median home sale price stood at $148,000 in July, up 5.78% from $139,900 a year ago.

            There were 268 pending sales reported in July, an increase of 1.13% from 265 pending sales reported in July a year ago. Pending sales for the month of July reflect the total number of active listings that went under contract and are awaiting closing usually 30 to 60 days in the future.

            "This July was our best July for home sales since July of 2007.  Home sales were up across all regions in the Champaign County Association area and we are pleased to see steady improvement in the median home sale price for our area," said Jeffrey Barkstall, president of the Champaign County Association of REALTORS®. "This summer, buyers were hurrying to make their move and settle into their new home before fall. Steady job-growth and an improving economy is a significant factor contributing to the surge in sales we are experiencing."

            The Champaign-Urbana MSA unemployment rate decreased to 4.9 percent in June 2015 from 6.2 percent in June 2014.

            As of August 10th, there were 1,385 single-family residential listings on the market in the CCAR region, the same amount reported on July 6th.

            Dollar sales volume for the month of July was $66,251,165.60 up 26.40 percent from $52,413,776 reported in July of 2014. Year-to-date volume of sales was $285,951,332, up 10.55 percent from $258,645,837 from last year through July.

            The average commitment rate for the North Central region for a 30-year fixed-rate mortgage, according to the Federal Home Loan Mortgage Corporation (Freddie Mac), was 4.03 percent for the month of July, up from 3.97 percent in June and down from 4.08 in July 2014. Last week 30-year fixed-mortgage rates averaged 3.91 percent according to Freddie Mac.

            The city of Urbana reported a sharp increase to 73 sales in July versus 44 in July 2014, a growth of 65.90 percent. The Champaign and Savoy region reported 162 home sales versus 161 a year ago.  The west region, including the town of Mahomet, had 57 sales, up 29.54% from 44 sales a year ago.

            "In today's market where demand is high, sellers need to realistically price their property at the beginning--which could make a difference on the number of buyers who will actually view the property," said Barkstall, a broker with Century 21 Heartland Real Estate in Champaign.  "As long as the economy continues to roll along at a steady pace we should continue to see positive improvement in the housing market. Lower down payment programs announced earlier this year are also extending the opportunity for more first-time buyers to enter today's housing market."

            The Champaign County Association of REALTORS® is a voluntary trade organization serving the Champaign County and surrounding areas and is the leading resource for REALTOR® members and an advocate for home ownership and private property rights. Statistics were compiled from local regions of the Champaign County Association of REALTORS® Multiple Listing Service, which covers Champaign County and surrounding areas.

Wednesday, August 12, 2015/Categories: News Releases