Q: How are home sales doing in Champaign-Urbana?
After a 31 percent year-over-year drop in May, home sales in Champaign County picked up in June compared to a year ago.
In June, 379 homes were sold in Champaign County, up 10.2 percent from the 344 sold a year ago, according to the Champaign County Association of Realtors.
Year-to-date, home sales are down just 0.4 percent compared to the same period last year, and there are 312 pending sales in June, up 57 percent compared to the 198 last June.
“The spring selling season definitely shifted into summer as the pandemic lockdown restrictions loosened in June. More buyers were ready to buy with their pent-up demand although some faced more competition for the home they wanted,” said Julie Roth, president of the local real estate association. “A surge in pending sales volume should signal a strong month of sales in July as well.”
The median home sale price in June was $174,500, up 6.4 percent from $164,000 a year ago.
According to the Federal Home Loan Mortgage Corporation, the average 30-year fixed rate mortgage rate was 3.16 percent in June, down from 3.80 percent in June of 2020.
During the week ending July 16, the 30-year fixed rate mortgage averaged 2.98 percent.
“Mortgage rates are now at incredibly low levels as within the past week the 30-year fixed rate mortgage dropped below three percent for the first time in 50 years,” Roth said.
New listings increased in Champaign County by 9.4 percent.