CHAMPAIGN COUNTY, Ill. (WCIA) — The Champaign County Association of REALTORS reported that home sales in the Champaign County area fell for the fourth consecutive month in January, with both inventory and prices showing a decline.
The average home sale price for the Champaign County area was $187,415 in January 2023, down almost 10% from $207,628 in January of 2022. Champaign County area home sales totaled 127 units in January, down about 29% from 179 home sales in January of 2022.
“Champaign County area home sales this January were pretty much even with sales in 2020, before the pandemic rush to purchase housing. Demand for housing persists but inventory continues to be an ongoing challenge,” said PJ Trautman, president of the Champaign County Association of REALTORS®.
Inventory of homes for sale dated Feb. 21, 2023 stood at 562 properties on the market, down from last month’s inventory total of 571 properties.
Trautman said that mortgage rates are another factor influencing the market.
“Higher mortgage rates have cut into housing affordability from a year ago, as rates continue to fluctuate and are causing some unsteadiness currently in the overall marketplace,” he said.
The average rate on a 30-year fixed rate mortgage, according to the Federal Home Loan Mortgage Corporation (Freddie Mac) was just over 6.27% in January 2023, up from 3.45% in January 2022.
The market could improve though in the spring according to Trautman.
“More gradual improvements in the market are anticipated in the months ahead as spring homebuying season gets underway. We remain optimistic there will be more movement in the spring and hopeful individuals are preparing their homes now for the spring market,” said Trautman.
The Champaign County Association of REALTORS® is a voluntary trade organization serving Champaign County. Data was compiled by Midwest Real Estate Data, LLC as available on Feb. 14, 2023.