area home sales slowed modestly in August, according to the Champaign County
Association of REALTORS®. For the month of August, a total of 272 homes were
sold as compared to 282 in the same month in 2013, a drop of 10 home sales or 3.54 percent. The hottest
region is the West, dominated by the Mahomet market, which reported 49 home
sales, up 22.5% from 40 home sales in August of last year.
home sales through August 2014 totaled 1,873, up 1.62 percent from 1,843 reported
during the same time in 2013.
August median home sales price in the Champaign
area (for all single-family homes and condominiums) was $137,500, down 6.77
percent from $147,500. 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
$139,500, up 1.45 percent from $137,500.
year as the school year begins we typically see home sales level out and the
pace of activity decline. Just because the weather cools off doesn't mean the
housing market will freeze up ," said Phil Trautman, president of the
Champaign County Association of REALTORS®.
"The pick-up in pending home sales
activity suggests continued positive momentum heading into the fall--meaning
there are a lot of buyers out there searching for the right home to purchase-- which
should eventually lead to more closings this fall. That should be a real confidence
booster to sellers who may be ready to place their home on the market this fall--as
off-season buyer foot traffic continues to remain strong. Buyers are definitely
looking for more inventory selection as they begin their search for the right
dollar sales volume for residential sales for the month of August this year was
$44,750,658.00 as compared to $47,747,923.00 a year ago. Total year-to-date
sales volume stood at $303,313,695.00 up 4.39 percent from $290,536,386.00.
Champaign-Urbana metro area continues to report one of the largest percent
increases of all metro areas in the state as far as new job growth. The labor
market fuels more household formations and housing demand. This bodes well for
the improving Champaign-Urbana economy and for the performance of the area
housing market," said Trautman.
home sales for the month of August increased to a pace of 236 sales; there were
219 pending sales reported in August a year ago. Pending sales for the month of
August reflect the total number of active listings that went under contract and
are awaiting closing, usually 30 to 60 days in the future.
The University of Illinois
Regional Economics Applications Laboratory statewide
sales forecast for August, September and October 2014 suggests a downtrend both
on an annual and monthly basis. The three month average forecast points
to a change of between -4.7 percent and -3.5 percent for Illinois.
improving national job market is reflected in a more confident attitude on the
part of consumers and home builders, although recent employment growth in Illinois has underperformed both the Midwest
and the nation. If the current foreclosure inventory continues to decrease at
recent rates, then the inventory will return to pre-recession levels by the end
of the year in Illinois," said Geoffrey
J. D. Hewings, Director of the Regional Economics Applications Laboratory in
of Illinois August Housing Price Forecast.
the Illinois Association of REALTORS® convention last week in Chicago,
Governor Pat Quinn announced additional funds will be available through the
Illinois Housing Development Authority's Welcome Home Illinois program. To date,
6,320 mortgages have been provided to first-time buyers through the IHDA Welcome
Home Illinois program that offers $7,500 in downpayment assistance with a
30-year fixed rate mortgage with a below-market interest rate. Programs like
these are essential to assist first-time buyers find and qualify for adequate
financing for their first home purchase," said Trautman, Managing Broker
and Senior Appraiser of Champaign County Realty and Appraisals by Trautman in Champaign. "Credit worthy buyers should be looking
now at the distinct advantages to owning their own property and the long-term
benefits to buying that can lead to smart equity investment."
monthly average commitment rate for a 30-year fixed-rate mortgage for the North
Central Region was 4.10 percent in August 2014, down from 4.11 percent in July
2014, according to the Federal Home Loan Mortgage Corporation. In August 2013,
the average rate was 4.44 percent.
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
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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