Champaign County home sales down 14 percent in April over 2018

Champaign County home sales down 14 percent in April over 2018

CHAMPAIGN — Home sales were down 14 percent in April in Champaign County compared with the same month a year ago, according to the Champaign County Association of Realtors.

Statewide, home sales dropped by 6 percent compared with April 2018, and nationwide, sales are down 0.4 percent.

"I think this year, the market has just been slow to come alive, mainly because of the weather," said Eric Porter, president of the local real-estate association.

In April 2019, 231 homes were sold in Champaign County, down from 269 a year earlier.

But Porter said pending home sales are up 7.9 percent compared with a year ago, with 314 pending sales in the county.

"There's a surge in stuff coming for next month," Porter said. "Next month's numbers should be back up there."

In April, the median sale price decreased 9.9 percent to $149,500, while the average price increased 5.1 percent to $178,815.

"Generally speaking, our average sale price remains fairly consistent and has been on the upswing over the past couple years," Porter said. "But there haven't been massive swings, like in California, which is good because then it doesn't swing the other way."

The average 30-year fixed-rate mortgage decreased in April 2019, from 4.46 percent a year ago and 4.26 percent in March to 4.14 percent last month, according to the Federal Home Loan Mortgage Corporation.

The Federal Home Loan Mortgage Corporation and National Association of Realtors are expecting steady housing market growth because of low mortgage rates, a strong labor market, low unemployment and modest wage growth.

"The outlook for the rest of the year is good," Porter said. "It seems like the market activity of buyers looking for homes is strong. There's just been a shortage of inventory of sellers. As more sellers enter the marketplace, buyers will be buying. ... Everything that comes on buyers seem to be snatching up quick if they're priced right and in good condition."

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Topics (2):Economy, Housing