July home sales down over 2017, but year-to-date sales still ahead

July home sales down over 2017, but year-to-date sales still ahead

CHAMPAIGN — Local home sales declined in July over the same month in 2017, but this year's sales to date are ahead of they were in 2017.

In July, 317 homes were sold, down 11.2 percent from the 357 sold in the previous July, according to the Champaign County Association of Realtors.

Through July, 1,812 homes have been sold this year, up 1.23 percent from 1,790 through July of last year.

Meanwhile, the average home sale price was down 9.9 percent in July, from $197,167 a year ago to $177,595.

Max McComb, the president of the local Realtors association, said July can often be a wild-card month for home sales.

"This month was a little disappointing, but July is a huge vacation month, so it's always a little bit of a disrupter," McComb said.

"Year-to-date, we're coming off a great spring, and the leading indicators look good. Pending sales are up again, so I think it's looking strong going back into the fall."

There were 221 pending sales in July, up from 219 a year ago. These indicate homes that went under contract and are awaiting closing.

The average mortgage rate in July was 4.52 percent, up from 3.96 percent in July a year ago and down from 4.57 percent a month ago.

McComb also said inventory was down 9 percent in July compared to a year ago, though he said there's been a "boost in new listings."

"It's still coming back up a little bit," he said. "But it's still tight where we'd like to see it. More choices for buyers would be great."

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