SPRINGFIELD (July 14, 2015) The Capital Area REALTORS® report that sale pendings and new listings are on the increase in June compared to a year ago while home sales, prices, total listings and days on market declined.
For the month of June 2015, there were a total of 448 homes sold, a decrease of 5.9 percent from the 476 homes sold in June 2014. Year-to-date home sales through June of 2015, totaled 1,800, reflecting a 1.2 percent increase over the 1,779 sales during the same time in 2014.
“While sales were off from last year they were quite good from a historical perspective, reflecting the second best June since June of 2007 and the second best month overall since that time," said 2015 CAR President Mike Buscher, CRB, GRI.
According to CAR, the median home sale price (for all single-family homes and condominiums) for June 2015 was $129,000, reflecting a decrease of 6.2 percent from the unsustainable June 2014 price of $137,500. Year-to-date the median sale price through June of 2015 was $116,000, reflecting a 1.8 percent increase over the $114,000 price during the same period in 2014. The median is a typical market price where half the homes sold for more, half sold for less.
"The June 2015 median home sale price experienced its first decrease in 13 months. However, when compared to prior years the June median price is actually quite good reflecting the second highest on record for any June as well as the second highest over all," says Buscher.
There were 461 sales pending in June 2015, up 6.5 percent over the 433 sales pending during the same time last year. "This will likely mean an increase in July closings," says Buscher.
Foreclosure sales continue their decline with 23 foreclosure sales in June of 2015, representing 5.2 percent of all sales. June 2014 foreclosure sales represented 8.4 percent of all sales.
Average cumulative days on market for all home sales was 81 in June 2015, down from the 92 days in the prior month and down from 99 days in June of 2014.
Total housing inventory at the end of June 2015 grew to 1,450 listings, up from the 1,425 listings in the prior month but down substantially from 1,732 listings at the end of June 2014. The 1,450 listings available at the end of June 2015 represent a 4.6 month supply at the current sales pace, up from 4.4 months in May.
Nationally, sustained job creation, lower FHA monthly mortgage insurance premium rates and the availability of 3 percent down payment for loans backed by Fannie Mae and Freddie Mac are likely underpinning the improved market confidence, according to the National Association of Realtors®.
The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 3.98 percent in June 2015, down from the 4.16 average rate during June of 2014.
The Capital Area REALTORS® is the Voice for Real Estate in the Capital Area representing more than 800 members involved in all aspects of the real estate industry. Statistics were compiled from the Capital Area REALTORS® Multiple Listing Service, which covers Sangamon County and surrounding areas. The Capital Area’s Resource for Real Estate Information can be found at www.SeeHouses.com.