The Champaign County Association of
REALTORS® reported steady increases in median home sale prices while home sales
totals experienced a seasonal slowdown in October. Year-to-date home sales are
still on a pace ahead of last year, according to the Champaign County
Association of REALTORS®.
the month of October, a total of 171 sales (single family and condominiums)
were reported for the Champaign
County area compared to
216 sales reported in October 2014. A total of 2,387 homes have been reported
sold year-to-date through October as compared to 2,308 in the same period a
year ago, a gain of 3.42 percent. The City of Urbana home sales was one of the strongest in
the region with 35 sales reported in October, up 12.90 percent from 31 sales a
October median home sales price in the Champaign County
area (for all single-family homes and condominiums) was $138,500 up 4.92
percent from $132,000 in October 2014. The median is a typical market price
where half the homes sold for more and half sold for less. The median home
sales price year-to-date is $147,000 up 6.52 percent from $138,000 a year ago.
is not uncommon to see a seasonal slowdown in the fall months and this year was
hard to outpace substantial gains reported last October (up 28 percent). We
just had the best September in nine years so it is not unusual to see a drop
off in sales activity following that sizeable sales volume. So far we have seen
increases in home sales activity in six out of ten months this year and total
home sales are currently on pace to be ahead of last year's level," said
Stefanie Pratt, president of the Champaign County Association of REALTORS®. "We
anticipate buyer demand should stay healthy this fall as interest rates continue
to hover below 4 percent with no significant rate increases on the horizon at
least until the Federal Open Market Committee meets again in December to
consider their rate strategy.
Champaign-Urbana area job market has showed continual improvement which is a
bonus for our local economy and buyer consumer confidence.
A top factor for buyers considering
whether to purchase now is the potential impact of rising rents which could
rise as much as much as 8 percent nationally so you are better off financially
if you can buy as soon as you can to put that money towards your own home
dollar sales volume for residential sales for the month of October this year
was $28,112,573 down 17.47 percent from $34,067,553. Year-to-date sales volume
stood at $400,441,153 up 7.44 percent compared to $372,701,636 a year ago.
were 208 pending home sales reported for the month of October, reflecting an
increase of 3.48 percent from 201 pending home sales reported in October 2014.
Pending sales for the month of October reflect the number of activity listings
that went under contract and are awaiting closing, usually 30 to 60 days in the
of November 19, there were 1,377 residential homes listed on the market in the Champaign County area, down from 1,407 reported on
October 11, 2015.
indicates the Federal Housing Administration has published new guidelines under
its condominium approval process intended to increase affordable housing
options for first-time and low-to-moderate income buyers. The new guidelines
were announced at the National Association of REALTORS® Conference and Expo in San Diego on November
12th by Federal Housing Administration Principal Deputy Assistant Secretary Ed
Golding. Those include changes to the
lengthy and complex recertification process, burdensome owner-occupancy
requirements and limits on the types of property insurance that are considered
acceptable coverage under FHA's rules. The Federal Housing Administration
announced changes to the FHA condo financing rules that will be effective
immediately in its recently released mortgage
letter. Effective immediately, FHA will
streamline the condominium recertification process and expand its definition of
acceptable "owner-occupied" units to include second homes not owned
by investors. These provisions are set to be in place for one year until the
agency can implement a more comprehensive condominium rule change.
are an affordable option for homebuyers, especially first-time buyers, and
making sure FHA financing is an option is vitally important in supporting
homeownership. The changes could qualify more condo complexes for FHA loans,"
said Pratt, a broker with Coldwell Banker Honig-Bell in Champaign.
Association of REALTORS® presented an economic forecast at the 2015 REALTORS® Conference
and Expo in San Diego
on November 13. According to NAR Chief Economist Lawrence Yun, national
existing home sales this year are expected to finish 2015 at a pace of 5.30
million and then expand 3 percent to around 5.45 million in 2016. The national
median home price is expected to rise to around 6 percent this year before
slightly moderating to around 5 percent in 2016. According to the 2015 NAR
Profile of Home Buyers and Sellers, first time buyers made up 32 percent of all
home buyers nationally, down from 33 percent last year due to tight
underwriting standards and reduced inventory on starter homes and weaker wage
growth. The typical buyer in 2015 was 44 years old, while the median age of a
first-time buyer was 31 years old.
average commitment rate for the North Central region for a 30-year fixed rate
mortgage, according to the Federal Home Loan Mortgage Corporation was 3.76
percent for the month of October, down from 3.98 percent from October 2014 and down
from 3.89 percent in September this year.
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
Service is our most important product | Serving all of Champaign County and surrounding areas
The Champaign County Association of REALTORS® is the "Voice for Real Estate" in the Champaign County area of Illinois, whose over 400 members are engaged in all facets of the real estate industry. CCAR was chartered in 1917.
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