Residential home sales and median prices experienced a positive bump in October while gains were also reported in new listings, according to the Champaign County Association of REALTORS®. CCAR reports a total of 237 home sales were sold in October, up 4.87 percent when compared to 226 sales in October of 2018.
The median home sale price rose 11.97 percent to $159,000 in October from $142,000 in October of last year. The median is a typical market price where half the homes sold for more, half for less.
The average home sale price also reported gains of 2.09 percent to $173,576 from $170,016 in October of 2018.
The 2019 year-to-date number of homes sold decreased 6.89 percent with 2,364 sales through October of this year, compared to 2,539 from the same period a year ago.
New listings rose 4.3 percent to 243 homes across the area in October. Homes were on the market an average of 85 days in October compared to 84 days a year ago. Inventory of homes for sale were off 0.2 percent to 874 homes.
Pending sales, a sign of future real estate activity, were down 5.6 percent to 170 pending sales from 180 a year ago. Pending sales for the month of October reflect the total number of active listings that went under contract and are awaiting a closing, usually 30 to 60 days in the future.
The average 30-year fixed rate mortgage for October of 2019 was 3.69 percent according to the Federal Home Loan Mortgage Corporation, down from 4.83 percent from October of last year and up slightly from 3.61 in September of 2019. For the week ending November 14th, the 30-year fixed rate mortgage averaged 3.75 percent.
“In October, we saw slight increases in mortgage rates from the three-year lows seen in September,” said Julie Roth, president of the Champaign County Association of REALTORS®. “Mortgage rates still remain approximately one percent lower than this time last year. We do not project any sharp increases in mortgage rates which should be a great encouragement for homebuyers.”
Fannie Mae reported in its November Economic Forecast that consumer spending is expected to remain the primary driver of economic growth for the forecast horizon while housing should continue to function as a positive contributor to growth in the near term. Housing supported the larger economy in the third quarter and expectations are it will continue to play a productive role through the first half of 2020.
“The Champaign County area pace of home sales activity accelerated as the current mortgage environment is certainly favorable for those looking to buy a home. Although, finding the right property still remains a challenge for some home buyers with increased competition for properties in the affordable price ranges,” said Roth. “While we did see an increase in the number of new listings in October there is still a growing need for additional properties to meet the growing demands of potential homebuyers.”
National Association of REALTORS® Chief Economist Lawrence Yun indicates that building more homes is crucial to helping the economy and to increase housing supply. NAR forecasts existing home sales to average 5.5 million for 2019 year-end and projects the 30-year fixed mortgage rate to average 3.8 percent in 2020.
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 November 14, 2019.
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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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