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Champaign County Area Home Sales See Slight Gain in August

Median Home Sales Price Increases 9.09 Percent

The Champaign County Association of REALTORS® reports that residential home sales in August inched higher for the third consecutive month while the area median sales price continued on an upward trend with a year-over-year increase of 9.09 percent. For the month of August a total of 273 homes were sold as compared to 272 sales in the same month in 2014, a gain of 0.36 percent.

            Year-to-date home sales through August 2015 totaled 1,983 up 5.81 percent from 1,874 home sales reported in August 2014.

            The city of Champaign and Savoy region reported home sale gains up 20.17 percent from 114 sales to 137 sales this August.

            The August median sales price in the Champaign County area (for all single-family homes and condominiums) was $150,000, up 9.09 percent from $137,500 in August a year ago. The median is a typical market price where half the homes sold for more and half sold for less. The median sales price year-to-date is $148,000 up 6.09 percent from $139,500 a year ago.

            There were 241 home sales pending in August, reflecting an increase of 6.63 percent from 226 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.

            "Our numbers show a positive trend in home sales activity heading into the fall with REALTORS® reporting sustained levels of buyer interest. After such a frenzied pace of sales activity in June and July, we are settling into a more normal pace," said Jeffrey Barkstall, president of the Champaign County Association of REALTORS®. "From a seller standpoint those homes that are priced right are moving rather quickly on the market as inventory levels remain tight in certain price categories."

            As of September 13th, there were 1,413 residential homes listed on the market in the Champaign County area, up from 1,385 listings reported on August 10th.

            Total dollar sales volume for residential sales for the month of August this year was $46,414,899, up 3.68 percent from $44,765,758. Total year-to-date sales volume stood at $332,312,042, up 9.52 percent from $303,411,595.

            "We anticipate that this September we will see stronger gains in sales during the month as reflected in the pending home sales volume," said Barkstall, a broker with Century 21 Heartland Real Estate in Champaign. "There appears to be some volatility in the mortgage market and much anticipation as to whether Federal Reserve officials will consider raising short-term rates in September which could have an impact on long-term mortgage rates. Buyers who lock in on interest rates soon can take advantage of rates while they are at or below 4 percent levels."

            The average commitment rate for the North Central region for the 30-year fixed-rate mortgage according to the Federal Home Loan Mortgage Corporation was 3.84 percent for the month of August, down from 4.11 percent in August a year ago and up from 4.03 percent in July of this year.

            "The upcoming Truth in Lending Act-RESPA Integrated Disclosure regulations that become effective on October 3rd require new rules for loan closing procedures and settlement documents. Any transaction involving a mortgage will require new disclosure forms (Loan Estimate and Closing Disclosure) created by the Consumer Financial Protection Bureau. The rule is designed to simplify and improve disclosure for mortgage transactions. We are hopeful the implementation of this new rule will not cause any initial disruptions or delays in closing activity," said Barkstall.

            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, September 15, 2015/Categories: News Releases