CHAMPAIGN — Champaign County home sales continued to rise in February, growing nearly 12 percent compared with the same month last year.
According to the Champaign County Association of Realtors, 150 homes were sold in February, up from 134 a year ago.
The median home sale price also increased 12 percent from $144,250 to $161,750.
The association’s president, Liz McDonald, said she doesn’t expect sales to slow down any time soon.
“We do not expect higher mortgage rates to slow the growth of sales, but if the pace of new listings coming on the market does not improve, buyers could be in for a more competitive homebuying season this spring and slower sales activity,” she said. “There definitely is a demand for more inventory, especially in price categories below $300,000 levels.”
The average mortgage rate was 2.81 percent in February, down from 3.47 percent a year ago but up from 2.73 percent in January.
The average time for a sale was 74 days.
Across the state, home sales were up 11.9 percent year-over-year, and nationwide, sales were up 9.1 percent compared with the previous February.