Champaign area home sales improved for the seventh consecutive month in June, according to the Champaign County Association of REALTORS®. For the month of June, a total of 354 homes were sold as compared to 350 in the same month in 2013, up 1.14 percent. The Urbana area reported strong gains in market activity with 67 sales as compared to 54 a year ago, reflecting a 24 percent increase.
Year-to-date home sales through June of 2014 totaled 1,296, reflecting an increase of 4.60 percent over the 1,239 sales reported during the same time in 2013.
"As the market enters its halfway mark for the year, the temporary pause in rising interest rates and improving inventory conditions are certainly attracting eager buyers into the market as more renters enter the homebuying process. Thus far in 2014, the market continues to show more activity than 2013, although momentum may taper somewhat heading into the second half of the year," said Phil Trautman, president of the Champaign County Association of REALTORS®. "Improving employment conditions are also factoring into the bustling housing market performance. "
May unemployment rates improved in every metro area of the state for the second consecutive month and are at six-year lows, according to the U.S. Bureau of Labor Statistics and the Illinois Department of Employment Security. The Champaign-Urbana metro market reported a non-seasonally adjusted unemployment rate of 6.3 percent in May, as compared to 7.1 percent in May of 2013.
According to CCAR, the June 2014 median home sale price (for all single-family homes and condominiums) was $140,750, off 2.93 percent from $145,000 reported in June 2013. The year-to-date median sale price through June 2014 was $137,700 up 2 percent from $135,000 through the same period in 2013. The median is a typical market price where half the homes sold for more and half sold for less.
Pending home sales for the month of June dropped to a pace of 294 sales; there were 310 pending sales reported in June a year ago. Pending sales for the month of June 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 commitment rate for the North Central region for a 30-year fixed-rate mortgage, according to the Federal Home Loan Mortgage Corporation (Fannie Mae) was 4.16 percent for the month of June, up from 4.08 percent from June 2013 and up .01 percent from the May of 2014 rate of 4.15 percent.
The Federal Home Loan Mortgage Corporation reported in the June U.S. Economic and Housing Market Outlook that fixed rates should rise gradually during the second half of the year as a result of the Federal Reserve's "tapering" of net mortgage-backed securities acquisitions.
Dollar sales volume for the month of June was $59,031,670.00, up 1.55 percent from $58,125,003.00 during June of last year. Year-to-date dollar sales volume was $206,149,261.00 up 7.85 percent from $191,136,574.00 reported a year ago.
"Worries about the economy, saving for a downpayment and qualifying for mortgages continue to remain top challenges for first-time buyers," said Trautman, Managing Broker & Senior Appraiser of Champaign County Realty & Appraisals by Trautman in Champaign. "Sellers with affordably priced homes are finding their wait time to sell their property is shrinking as demand rises."
On a national level, home sales are not expected to overcompensate heading into the second half of the year. Nationally, home sales are projected to hit the 4.9 million mark falling short of last year's annual tally of 5.1 million, according to the National Association of REALTORS®.
According to the June forecast published by the Illinois Association of REALTORS® as prepared by the University of Illinois Regional Economics Applications Laboratory, the statewide annual home sale pace in June through August is projected to decrease between 1.7 and 2.4 percent .
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.
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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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