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Champaign Area Home Sales Rally in June

Median Home Sale Price Continues to Rise

The Champaign County Association of REALTORS® reported double-digit home sales growth in June along with higher median prices. CCAR home sales (including single-family and condominiums) in June 2015 totaled 402, up 13.55 percent over June 2014 when 354 homes were sold. Year-to-date home sales through June totaled 1,354, reflecting a 4.39 percent increase from 1,297 sales during the same time in 2014.

            The median home sale price for the Champaign County region in June was $149,900, up 6.50 percent from $140,750 in June 2014. The year-to-date median home sale price was $146,000, up 6.18 percent from $137,500 a year ago. The median is a typical market price where half the homes sold for more and half sold for less. The median home sale price increased for the ninth month in a row.

            There were 319 home sales pending in June, reflecting an increase of 12.32 percent from 284 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 home sales momentum was definitely stronger in June, reversing the trend from the tempered sales pace we experienced this Spring.  We predict another strong July reflective of this month's pending sales volume and foot traffic indicators reported by REALTORS®. The mid-year home sales are outpacing sales through this time last year," says Jeffrey Barkstall, president of the Champaign County Association of REALTORS®. "There is a demand for more property on the market to keep up with the numbers of interested buyers and especially those first time buyers who represent a larger segment in the housing market."

            According to the National Association of REALTORS®, first-time buyers represented 32 percent of the market in May and are expected to continue to have a notable presence in the home sale market this summer.

            As of July 6th, there were 1,385 single family residential listings on the market in the CCAR region, up from 1,339 reported on June 16th.

            Dollar sales volume for the month of June was $67,947,563, up 15.09 percent from $59,035,670 from June of 2014. Year-to-date volume of sales was $219,700,167, up 6.53 percent from $206,232,061 last year.

            The average commitment rate for the North Central region for a 30-year fixed-rate mortgage according to the Federal Home Loan Mortgage Corporation (Freddie Mac) was 3.97 percent for the month of June, down from 4.08 percent in June a year ago and up from 3.8 percent in May 2014.

            The city of Urbana region reported an 8.95 percent growth in home sales activity in June to 73 sales from 67 a year ago. The south region reported 41 sales compared to 24 in June a year ago. The west region, including the town of Mahomet, had 63 sales compared to 44 in June a year ago. The city of Champaign and Savoy region reported home sale gains of 6.28 percent to 186 sales compared to 175 a year ago.

            “Notwithstanding sluggish employment growth in Illinois, housing sales and prices continue their positive trends," noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory in his June housing forecast for the Illinois Association of REALTORS®.

            The National Association of REALTORS® predicts there will be 5.8 million home sales in 2015, up 7 percent from last year.

            "The state government budget impasse in Springfield is putting a few buyers on edge, especially those that rely on state government funding for a regular paycheck and are unsure of the long-term effects of an extended, unresolved state budget," said Barkstall, a broker with Century 21 Heartland Real Estate in Champaign. "We are hopeful that some agreement is reached soon that puts our state on track fiscally and does not cause unnecessary disruptions. For the current time, we remain optimistic that home sales will stay strong through the remaining summer months in the Champaign County region."

            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.

Tuesday, July 7, 2015/Categories: News Releases