Champaign County area home sales in July reached a 14-year record high for the month, while median and average prices also reported price appreciation, according to the Champaign County Association of REALTORS®. CCAR statistics show 14 consecutive positive months of home sale growth as well.
Closed residential home sales in July 2021 totaled 388, up 6.01 percent from 366 in July 2020. Homes continue to sell at an elevated pace with homes on the market an average 30 days compared to 80 days in July 2020. Year-to-date home sales continue to advance ahead of last year’s pace with 1,945 sales reported for the first seven months of the year, up 11.91 percent from 1,738 in 2020 during the same period.
The July median home sale price in the Champaign County area was $180,000, up 7.62 percent from $167,250 in July 2020. The median is a typical market price where half the homes sold for more and half sold for less.
Pending home sales declined 16 percent to 226 in July from 269 in July of July 2020, according to the Midwest Real Estate Data, LLC. 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.
“While other areas of the country are starting to see softening demand in the housing market, Champaign County area home sale activity continues to remain robust; above the stellar pace at this time last year. This July sales activity marks a 14-year high for listings sold within the month of July, topping last year’s sales that also included a surge in pandemic-delayed home closings,” said Liz McDonald, president of the Champaign County Association of REALTORS®. “The slight decline in pending home sales may indicate that buyers are wanting to be patient and wait for more homes to come to the market. The lower level of homes for sale continues to be a concern and we may soon experience the usual cooling-off period in the fall.”
The average home sale price in July was $213,977 up 7.76 percent from $198,569 in July 2020.
“Mortgage rates cannot be more affordable than they are right now. They continue to hover below the three percent mark helping to improve affordability conditions for all homebuyers,” said McDonald. “As the market continues to normalize, we are seeing the feverish pace of home sales beginning to settle into a historically seasonal pattern. What needs attention in our market is more supply coming to market, whether that be from new construction or existing home sales inventory to help meet the demands of buyers.”
Inventory of homes for sale as of August 20, 2021 stood at 945 properties on the market down from 951 properties last month. The number of new listings also declined 9.2 percent in July over July of 2020.
The average 30-year fixed rate mortgage according to the Federal Home Loan Mortgage Corporation was 2.84 percent in July, down from 3.00 percent in July 2020 and down from 2.96 percent in June 2021. The 30-year fixed rate mortgage averaged 2.86 percent for the week ending August 29, 2021, down from the week before.
“The fast spreading delta variant could be a wild card in the housing market over the next few months. That could lead to some economic uncertainty that could cause some homeowners to delay acting on selling their home, which could put more pressure on the inventory shortage that already exists,” said McDonald. “Whether buying or selling a home today, it is best to consult with a REALTOR® for information on selling or buying a home who can provide expert guidance during these challenging times.”
"Home price gains and the accompanying housing wealth accumulation have been spectacular over the past year, but are unlikely to be repeated in 2022," said Lawrence Yun, NAR chief economist. "In the last year, increasing home prices have translated into a substantial wealth gain of $45,000 for a typical homeowner. These gains are expected to moderate to around $10,000-$20,000 over the next year.” Yun anticipates that the 30-year fixed mortgage rate soon inching upwards and should average 3.6% in 2022.
The Champaign County Association of REALTORS® is a voluntary trade organization serving Champaign County and surrounding areas and is the leading resource for REALTOR® members and an advocate for homeownership and private property rights. Data was compiled by Midwest Real Estate Data, LLC as available on August 14, 2021. The Champaign County Association of REALTORS® is an active participant in promoting equality and inclusion as longtime champions of fair housing with equal access to housing and opportunity for all. CCAR opposes discrimination based on race, color, religion, sex, handicap, familial status, sexual orientation, gender identity, & national origin.
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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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