Champaign County Home Sales Up Through June
Champaign County home sales have remained strong through the first half of 2013.
Champaign County Association of Realtors President Todd Salen says that trend looks to hold the next couple of months given the number of pending sales in the area.
There were 349 home sales of existing homes in the county last month - an increase of nearly 6 percent over the same time a year ago.
Salen said the 318 sales pending in June is 36 percent over that figure in June 2012, meaning the trend should continue well into the fall.
He said an interest rate hovering around 4 percent is low based on historical terms.
“Just 5 years ago, interest rates were over 6-percent," he said. "And we accepted that as being a great rate. And so it’s still a great time to buy a house from a mortgage interest rate – and add to that the fact that that housing prices are still considerably low the recession we went through the last five years.”
The median home price in June was $145,000, down nearly 7 percent from a year ago.
Salen notes the sales aren’t limited to Champaign and Urbana, noting the increase applies to Savoy, St. Joseph, Ogden, and Mahomet as well.