House prices rising, mortgage rates falling in Champaign Co.

CHAMPAIGN, Ill. (WCIA) — While mortgage rates may be falling, data from a Champaign County real estate association shows that the county’s housing market is still dealing with high prices and low supply.

Data from the Champaign County Association of Realtors, recorded in August, found that home prices were up and home sales were down compared to August 2023. Among their findings:

• Home sales in Champaign County decreased by 1.4%
• Home sales across the state fell by 6.5%
• The monthly median home sale price rose by 18% from $199,250 to $236,000
• The monthly average home sale price rose by 12% from $240,240 to $268,511

“While potential homeowners face a challenging market, local realtors are ready and willing to support them every step of the way,” said Jim Waller, CCAR’s president. “We understand the obstacles posed by high prices and limited inventory and are committed to empowering buyers with the knowledge they need.”

In better news, mortgage rates are going down. The Federal Home Loan Mortgage Corporation reported that in August, the monthly average commitment rate for a 30-year mortgage was 6.5% compared to 6.84% the previous month and 7.07% the year prior.

As of Sept. 12, the average has decreased further to 6.2%.

“Mortgage rates have fallen more than half a percent over the last six weeks and are at their lowest level since February 2023,” said Sam Khater, Freddie Mac’s Chief Economist. “Rates continue to soften due to incoming economic data that is more sedate. But despite the improving mortgage rate environment, prospective buyers remain on the sidelines, as they negotiate a combination of high house prices and persistent supply shortages.”

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