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Champaign/Urbana Market Update: August 2017

Local Housing Market Report

Note: National Association of Realtors® (NAR) data below is from June (the most current national data)

 

National Association of Realtors® (NAR) data shows that sales of existing homes dipped in June owing to a low supply. While homes sold at a near record pace, activity ultimately ended up muted. Only the Midwest saw an increase in sales last month.

 

Total existing-home sales (measures completed transactions for single-family homes, townhomes, condominiums and co-ops) dropped 1.8% to 5.52 million in June from 5.62 million in May. Despite last month's decline, June's sales pace is 0.7 % higher than a year ago.

 

Existing Home Sales By Region

 

NAR's chief economist, Lawrence Yun, indicated that the dip in contract activity in the prior three months translated to a pullback in existing sales in June. "Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that's straining their budget," Yun said. NAR's economist added, "The good news is that sales are still running slightly above last year's pace despite these persistent market challenges."

 

Housing Data Takeaways

  • June's median existing-home price for all U.S. housing types was $263,800, up 6.5% from June 2016 ($247,600). Last month's median sales price overtakes May as a new peak and represents the 64th straight month of year-over-year gains.

  • Total U.S. housing inventory at the end of June dropped 0.5% to 1.96 million existing homes available for sale, and is now 7.1% below a year ago (2.11 million) and has dipped year-over-year for 25 consecutive months. Unsold inventory nationally now offers a 4.3-month supply at the current sales velocity, which is down from 4.6 months a year ago.

  • First-time buyers drove 32% of sales in June, down from 33% both in May and one year ago. The annual share of first-time buyers for 2016 was 35%.

  • Freddie Mac data indicates the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the third consecutive month, dipping to 3.90in % June from 4.01% in May. For all of 2016 the average commitment rate was 3.65%.

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Champaign Housing Market Statistics

Median Home Price: $204,900

3 Bedrooms/2 Bathrooms

Average Square Footage: 1,926

Price per Square Foot:  $103

Number of Homes on the Market: 378

 

Make Your Offer Count!

Before making an offer on a home in today's competitive housing market, it is more important than ever for home buyers get their financial house in order when applying for a loan.

 

 

While there are online resources available that can provide a sense of one's overall financial position, be sure to review your credit report in person with your mortgage professional and get pre-approved for a loan before making an offer on a home.

 

 

A little preparation goes a long way and can make a big difference when it comes to closing on your dream home. Contact us today to get the right loan for your current needs!

 

Back 2 School in Champaign County!

School bells are about to start ringing throughout Champaign County! The first day of school is fast approaching for students throughout our area. It is time to pack those back packs with your new supplies and start the 2017-2018 school year! Here is a list of all the first days of school for our area districts!

 

 

Champaign Unit 4 School District | 703 South New Street, Champaign

First Day of School

  • Wednesday, August 16th: Grades 1-9

  • Thursday, August 17th: Grades 10-12 and ½ of Kindergarten Class

  • Friday, August 18th: ½ of Kindergarten Class

2017 - 2018 District Calendar

Mahomet-Seymour Community Schools | 1301 South Bulldog Drive, Mahomet

First Day of School

  • Friday, August 18th: All Grades K-12

2017 - 2018 District Calendar

Monticello CUSD #25 | 2 Sage Drive, Monticello

First Day of School

  • Wednesday, August 16th: All Grades K-12

2017 - 2018 District Calendar

Paxton Buckley Loda CUSD 10 | 700 West Orleans Street, Paxton

First Day of School

  • Thursday, August 17th: All Grades K-12

    • Early dismissal

2017 - 2018 District Calendar

Rantoul City Schools District #137 | 400 East Wabash, Rantoul  

First Day of School

  • Friday, August 18th: All Grades K-8

2017 - 2018 District Calendar

Rantoul Township High School District 193 | 200 South Sheldon, Rantoul

First Day of School

  • Tuesday, August 22nd: All Grades 9-12

2017 - 2018 District Calendar

St. Joseph CCSD 169 | P.O. Box 409, St. Joseph

First Day of School

  • Wednesday, August 16th: All Grades K-8  

    • Early dismissal

2017 - 2018 District Calendar

Tuscola CUSD #301 | 409 South Prairie, Tuscola  

First Day of School

  • Monday, August 21st: All Grades K-12

2017 - 2018 District Calendar

Unit Seven Schools | P.O. Box 720, Tolono

First Day of School

  • Thursday, August 17th: All Grades K-12

2017 - 2018 District Calendar  

Urbana School District #116 | 205 North Race Street, Urbana

First Day of School

  • Friday, August 18th: Grades 1-6, 9, and ½ of Kindergarten Class

  • Monday, August 21st: All High and Middle School Students and ½ of Kindergarten Class

2017 - 2018 District Calendar   

Villa Grove CUSD #302 | 400 North Sycamore, Villa Grove

First Day of School

  • Thursday, August 17th: All Grades K-12

2017 - 2018 District Calendar  

 

Champaign Rose wishes all of the students in Champaign County a successful and fun 2017-2018 school year!!!

Contact Information

Photo of Rose Price Real Estate
Rose Price
Landmark Real Estate
One East Main Street, Suite 200
Champaign IL 61820
217-202-8843
217-352-1933
Fax: 217-378-1281