Champaign County home sales down 10.5 percent in August over 2016

Champaign County home sales down 10.5 percent in August over 2016

CHAMPAIGN — Home sales in Champaign County dipped 10.5 percent in August compared with a year ago, according to the Champaign County Association of Realtors.

In August, 256 homes were sold, down from 286 a year ago.

Of those, 127 homes were sold in Champaign, 56 in Urbana, 19 in Mahomet and 17 in Savoy.

"It's not surprising," association President Jim Waller said. "I was noticing some slowdown, and it's slow anyway because of school time. It always slows down in August. Next month should be better."

Year-to-date, 1,841 homes have been sold, down just 2 percent compared with the same period a year ago.

"As far as the long haul, we're right about where we were last year," Waller said. "Which is still pretty darn good since last year was fantastic."

Home sales also decreased in August in Illinois, by 3.4 percent compared with a year ago, and increased by 0.2 percent across the nation in August.

The median home sale price in August was $139,950, down 8.5 percent from $153,000 a year ago.

The average home sold in August was on the market for 59 days, up from 51 a year ago.

The average fixed-rate mortgage for the month of August was 3.86 percent, down from 3.96 percent in July of 2017 and up from 3.43 in August of 2016, according to the Federal Home Loan Mortgage Corp.

"The recent drop in mortgage rates combined with the area's low unemployment rate and improving consumer confidence continues to generate significant interest in home purchasing and contributed to an extremely competitive summer selling season. Listings are moving fast, averaging just 59 days on the market," Waller said. "Housing inventory is still under the six-month supply that is needed for a normal housing market. The fastest moving price range still continues to be $150,000-$199,999."

Sections (3):News, Local, Business
Topics (2):Economy, Housing

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