Champaign County Area home
sales dropped in April as softer buyer demand continued to challenge the
market, according to the Champaign County Association of REALTORS®. Average
home sale prices moved slightly higher as new listings and inventory on the
CCAR reports a total of 231 residential homes were sold in
April, down 14.31 percent from 269 home sales in April of 2018.
The median home sale price in April for the Champaign
County area was $149,500, down 9.9 percent from $151,000 in April of 2018. The
median is a typical market price where half the homes sold for more, half for
The average home sale price in April was $178,815, up 5.08
percent from $170,164 in April one year ago.
reviewing home sales data for the month, the average time it took to sell a
home continued to decrease as buyers took advantage of available inventory on
the market,” said Eric Porter, president of the Champaign County Association of
REALTORS. “Home sales in the coming months may fare better, indicative of the
rise in the pending sales volume for April. We should see consistent home sales
through the summer months.”
There were 314 pending sales reported in April as compared
to 291 a year ago, representing a 7.9 percent increase. Pending sales for the
month of April reflect the total number of active listings that went under
contract and are awaiting closing usually 30 to 60 days in the future.
The average rate on a 30-year fixed rate mortgage,
according to the Federal Home Loan Mortgage Corporation (Freddie Mac) was 4.14
percent in April 2019, down from 4.46 percent in April 2018 and down from 4.26
percent in March of this year. The 30-year fixed rate mortgage for the week
ending May 16th dropped to 4.07 percent. Freddie Mac expects the
30-year fixed rate mortgage to average 4.3 percent for 2019 below last year’s
average of 4.5 percent. According to Freddie
Mac’s May Housing Market Forecast, steady housing market growth
is expected due to the impact of low mortgage rates, a strong labor market, low
unemployment and modest wage growth.
National Association of REALTORS released its midyear
forecast last week revealing continued economic expansion, rising
home sales and an increase in wage growth on par with home price growth.
“Home sales should be much stronger based on the economic
fundamentals of jobs, interest rates, population and consumer confidence,” said
Lawrence Yun, chief economist of the National Association of REALTORS®. “With
strong job creation, wages are growing at a faster pace. Finally, wages and
home prices are aligning.” Yun predicts new home sales to rise 6 percent
nationally in 2019 to 667,000 sales while existing home sales should remain
about even with last year’s pace at 5.3 million.
“The Champaign County market area continues to see solid
job growth while housing inventory is straining to keep pace in the most
competitive price ranges right now. Tight supplies are a statewide and
nationwide issue. More supply is needed to widen the inventory choices for
consumers,” said Porter. “Attractive mortgage rates hovering near 4 percent
continue to be an attractive incentive for buyers in search of listings that
meet their prerequisites.”
A delegation of CCAR REALTORS® joined more than 9,000
REALTORS® from across the country in the nation’s capital last week for the
2019 REALTORS® Legislative Meetings and Trade Expo. REALTORS® remain committed
to continuing their work with Congress and the administration to advance policy
initiatives that strengthen the ability of Americans to buy, invest, own and
sell commercial and residential real estate. REALTORS® met with members of
Congress and regulatory agency officials advocating support for several
important legislative initiatives.
The Champaign County Association of REALTORS® is a
voluntary trade organization serving Champaign County and surrounding areas and
is the leading resource for REALTOR® members and an advocate for homeownership
and private property rights. Statistics are from residential sales within the Champaign
County area. Data compiled by Midwest Real Estate Data, LLC as available on May
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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