Home sales up again in June
CHAMPAIGN — Home sales in the Champaign County area continue to outpace sales from a year ago, even though mortgage rates have started to climb.
A total of 349 homes were sold in June, up from 330 sales in June 2012, according to the Champaign County Association of Realtors' Multiple Listing Service.
Those homes sold for a total of $58 million, compared with sales of $56.9 million in June 2012, the association reported.
"Positive gains in home sale activity continue, even though mortgage rates have inched up slightly," said association President Todd Salen.
In June, the commitment rate for a 30-year fixed-rate mortgage was 4.08 percent, up from 3.55 percent in May. That was the average rate for the nation's North Central region, according to the Federal Home Loan Mortgage Corp.
"Interest rates would have to increase dramatically before the demand for homes would lessen," said Salen, a broker with Sperry Van Ness | Ramshaw Real Estate in Champaign.
Activity seems likely to remain strong through the summer. Pending sales in June — sales under contract and awaiting closing — numbered 318, compared with 233 pending sales in June 2012.
During the first six months of this year, sales ran 7.74 percent ahead of the same months last year. The association reported 1,238 home sales during the first half of 2013, up from 1,149 during the first half of last year.
The dollar value of this year's sales totaled $191 million, up from $184.3 million for the same period in 2012.
Illustrating how strong a month June is for sales, June sales volume accounted for 30 percent of the total sales volume for the first six months of this year.
The median home sales price for the Champaign County region was $145,000 in June, down from $155,500 in June 2012. The median price is the point at which half the homes sold for more and half sold for less.
The year-to-date median price was $135,000, compared with a median price of $140,000 for the first six months of 2012.
Days on the market continue to shrink throughout Illinois. According to the Illinois Association of Realtors, homes are averaging 83 days on the market — down from 103 days on the market in 2012.