Home Prices Increase in Capital Area

SPRINGFIELD (July 12, 2016)   Sale prices and days on market increased while new listings, home sales, pending sales and foreclosure sales decreased in the Capital Area during June 2016, according to the Capital Area REALTORS® (CAR) Multiple Listing Service.
For the month of June 2016, the median home sale price (for all single-family homes and condominiums) was $132,000, an increase of 1.6 percent from the $129,900 June 2015 price. The year-to-date median price through June of 2016 was $119,900, reflecting a 2.8 percent increase over the prior year price of $116,500.   The median is a typical market price where half the homes sold for more, half sold for less.

The number of homes sold in the Capital Area in June of 2016 was 407, a decrease of 10.0 percent from the prior June. The number of home sales year-to-date through June of 2016 was 1,843, reflecting an increase of 1.8 percent over the prior year sales of 1,810.
There were 344 sale pendings in June 2016, down 11.6 percent from the 389 sale pendings during the same time in 2015.
"Home sales continue at a solid pace in June which reflected the strongest month yet this year," said REALTOR Kristie DeBrun, GREEN, GRI, SFR, SRS, president of the organization.
The 19 foreclosure sales in June of 2016 reflected 4.7 percent of all sales, down from 5.6 percent in June of 2015.
The average cumulative days on market for all home sales in June of 2016 increased to 78 days, up 6 days from 72 during June of 2015.
According to CAR, the supply of homes on the market currently stands at 4.3 months, up from 4.0 months during May. The days on market metric measures the number of months it would take to sell the current inventory of available homes at the current pace. Five to six months' worth of homes on the market is considered a balanced market.
"Continued tight inventory means that we will continue to see multiple offers in certain price ranges such as $150,000 - $250,000 with as little as 3.1 months of inventory. Conversely, there is nearly 19 months of inventory for homes selling in the $500,000 plus range.   Knowing which price points are the most competitive is important for buyers when making an offer which is why it is important to consult a professional," said DeBrun.
"The financial upheaval caused by Brexit has created an even more favorable environment for home buyers as mortgage rates inch down a bit," said DeBrun.
The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 3.57 percent in June 2016, down slightly from the 3.98 average rate during June of 2015.
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. The Capital Area's Resource for Real Estate Information can be found at

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