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Champaign Area Home Sales and Prices Soften in July

Year-to-date Home Sales Still Ahead of Last Year

Champaign County area home sales softened in July as did home sale prices, but home sales year-to-date are still ahead of last year, according to the Champaign County Association of REALTORS® (CCAR).

          CCAR reports a total of 317 residential homes were sold in July, down 11.2 percent from 357 home sales in July of 2017.

          The median home sale price in July of 2018 for the Champaign County area was $152,000, down 6.17 percent from $162,000 in July of 2017. The median is a typical market price where half the homes sold for more, half for less.

          The average home sale price in July was $177,595, down 9.93 percent from $197,167 in July of 2017.

          “After seeing three consecutive months of positive home sale gains, the market softened a bit this July as compared to the same month a year ago. But despite slower sales in July, home sale totals year-to-date are still ahead of sales from a year ago, up 1.23 percent,” said Max McComb, president of the Champaign County Association of REALTORS®.  “Also, while inventory of homes for sale decreased 9.0 percent in July, we saw a boost in new listings which is helping local inventory totals keep pace with the demands of buyers.”

          Pending home sales showed a modest gain. There were 221 pending sales in July, up 0.9 percent from 219 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.

          The average rate on a 30-year fixed rate mortgage for the month of July according to the Federal Home Loan Mortgage Corporation (Freddie Mac) was 4.52 percent, up from 3.96 percent in July of 2018 and down from 4.57 percent in June 2018. The 30-year fixed-rate mortgage (FRM) averaged 4.53 percent with an average 0.5 point for the week ending August 16, 2018, down from the previous week when it averaged 4.59 percent.

          “We basically saw the peak in summer sales activity occur a bit earlier than usual this year,” said McComb. “Home sales were on the fast track in late spring/early summer as buyers were active and making their move early.

“As summer winds down, the number of home shoppers tends to decrease but our pending sales totals of those homes under contract for sale show strong sales growth ahead.”

          According to a new study, while today’s seller’s market is forcing buyers to make compromises, the new survey data shows buyers remain steadfast in their desire for their preferred good school districts. In fact, they are willing to give up two of their most desired home features — a garage and updated kitchen — to get into the right school district they want. Most buyers understand that they may not be able to find a home that covers every single item on their wish list, but the survey shows that school districts are an area where many buyers aren’t willing to compromise.

          Realtors® throughout the country continue to stress that there’s considerable pent-up demand for buying a home among the millennial households in their market,” said Dr. Lawrence Yun, chief economist with the National Association of REALTORS® in the latest NAR existing home sales report. “Unfortunately, they’re just not making meaningful ground, and continue to be held back by too few choices in their price range, and thereby missing out on homeownership and wealth gains.”

         Nationwide, first-time buyers were 31 percent of sales in June. The NAR 2017 Profile of Home Buyers and Sellers revealed that the annual share of first-time buyers was 34 percent.

         The Champaign County Association of REALTORS® is a voluntary trade organization serving Champaign County and surrounding areas and is a leading resource and an advocate for homeownership and private property rights. Statistics are from residential sales within Champaign County. Data compiled by Midwest Real Estate Data, LLC as available on August 14, 2018.

Tuesday, August 21, 2018/Categories: News Releases