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Champaign area home prices up 5.93% in July from a year ago

Area home sales down 5.27%

Champaign area home sales decreased 5.27 percent over previous year levels in July while median prices increased 5.93 percent, according to the Champaign County Association of REALTORS®.

            The Champaign County Association of REALTORS® reports there were 305 home sales in July, down 5.27 percent from 322 home sales in July last year. Home sales in the Champaign and Savoy region showed sales gains of 3.20 percent while the West region including Mahomet reported gains of 22.22 percent.

            Year-to-date home sales through July 2014 totaled 1,601, reflecting an increase of 2.56 percent over the 1,561 sales reported during the same time in 2013.

            The July median home sale price (for all single-family homes and condominiums) was $148,500, up 5.93 percent from $140,175 in July 2013. The median is a typical market price where half the homes sold for more and half sold for less. The median price year-to-date is $139,900 up 3.24 percent from a year ago. The median home sale price for the city of Champaign and Savoy region was $154,800, up 1.17 percent from $153,000 a year ago.

            "Rising consumer confidence in the economy and labor market should translate into an increase in personal spending, household formations and gains in single-family home sales," said Phil Trautman, president of the Champaign County Association of REALTORS®. "While earlier this year projections indicated we would see higher interest rates, rates have held steady and that has continued to help advance the overall housing recovery. Also, seeing positive movement in the area median home sale price is optimistic news. Having the down payment money is still the biggest hurdle for first-time home buyers who are also paying rent at the same time."

            The year-to-date dollar volume of sales was $258,564,937, up 6.49 percent as compared to $242,788,463 a year ago. The dollar sales volume for residential sales for the month of July this year was $52,415,676 compared to $51,651,889 a year ago.

            Pending home sales for the month of July increased to a pace of 280 sales; there were 264 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.          

            "An easing in the pace of market activity could also point to good news for many buyers who have more bargaining potential for their home purchase," said Trautman, Managing Broker & Senior Appraiser of Champaign County Realty& Appraisals by Trautman in <st1:city w:st="on"><st1:place w:st="on">Champaign. "This gives buyers more choices than they have had when inventory shortages were common in some price categories. We've had a remarkable run in terms of the solid pace of home sales activity that was not experienced in other metro markets statewide."

            The National Association of REALTORS® generally expects home prices to increase in all states and the District of Columbia over the next 12 months, according to the June 2014 REALTORS® Confidence Index. The median expected price increase is 3.6 percent.

            The University of Illinois Regional Economics Applications Laboratory reported in it's second quarter forecast the statewide median price should experience an overall positive annual growth for the state as a whole (6.1%). Statewide sales volume in Q2 2014 is forecast to edge down slightly by an annual rate of -0.7% to -0.5%.

            The monthly average commitment rate for a 30-year fixed-rate mortgage for the North Central region was 4.11 percent in July 2014, down from 4.17 percent in June 2014, according to the Federal Home Loan Mortgage Corporation. In July 2013, the average rates was 4.35 percent.

            June unemployment rates fell in every metro area in the state for the third consecutive month and remain at six year lows, according to the Illinois Department of Employment Security. The Champaign-Urbana metro region was one of the strongest employment areas within the state with an unemployment rate of 6.9% as compared to 9.0 percent from June a year ago. The statewide unemployment rate in June was 7.1 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 homeownership 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.

Friday, August 8, 2014/Categories: News Releases