SPRINGFIELD (August 13, 2015) The Capital Area REALTORS® report that existing residential home sales and home prices were on the increase in July compared to a year ago while pending sales, new listings, total listings and days on market declined.
For the month of July 2015, there were a total of 411 homes sold, reflecting an increase of 18.4 percent over the 347 homes sold in July 2014. Year-to-date home sales through July of 2015, totaled 2,214, reflecting a 4.1 percent increase over the 2,126 sales during the same time in 2014.
“Home sales for the month of July reflected the highest July total in over a decade. Evidence of this hectic pace can be seen everywhere as our REALTOR members have been busy scheduling showings, negotiating contracts, coordinating inspections and scheduling closings. Homes are selling faster than they have in recent years as prices are pushing upward," said 2015 CAR President Mike Buscher, CRB, GRI.
According to CAR, the median home sale price (for all single-family homes and condominiums) for July 2015 was $125,900, reflecting an increase of 0.3 percent over the July 2014 price of $125,500. Year-to-date the median sale price through July of 2015 was $118,000, reflecting a 1.7 percent increase over the $116,000 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 July median home sale price is the highest July price on record. That said, our appreciation rates are reasonably modest which contributes to the affordable supply of homes in the Capital Area," says Buscher.
There were 424 sales pending in July 2015, down 2.8 percent from the 436 sales pending during the same time last year.
The 23 foreclosure sales in July of 2015, represented 5.6 percent of all sales as compared to the prior July total which represented 7.2 percent of all sales.
Average cumulative days on market for all home sales was 72 in July 2015, down from the 81 days in the prior month and down from 89 days in July of 2014.
Total housing inventory at the end of July 2015 fell to 1,687 listings, down from the 1,704 listings in the prior month and down from the 1,817 listings at the end of July 2014. The 1,687 listings available at the end of July 2015 represent a 5.3 month supply at the current sales pace, up from 4.6 months in June.
“The biggest problem that our REALTOR members are having at the moment is that there simply are not enough homes available on the market to satisfy demand. Homes located in certain price-points, that are ready to show and priced right are selling quickly,” said Buscher.
The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 4.05 percent in July 2015, down from the 4.13 average rate during July 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.