Champaign County home sales dip again in November

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November was another disappointing month for home sales in Champaign County, Ill., with figures down 6.9% from the same month last year.

A total of 176 homes were sold in November, according to the Champaign County Association of Realtors, down from 189 a year ago.

For the year to date, sales are also down 6.9% from 2018.

Meanwhile, the price of homes sold keeps rising, with the median price increasing 14.1% to $155,000 and the average price rising 16.1% to $186,000.

There's been a decline of homes available for sale, with 796 listings in November compared with 863 a year ago.

"Homes are selling faster and bidding wars are becoming commonplace as inventory tightens and with a shortage of new listings coming on the market," said Julie Roth, president of the local real estate organization. "Looking ahead, the housing market continues to be driven by low mortgage rates, a strong labor market and motivated buyers that should continue to fuel the market into 2020."

The average 30-year fixed-rate mortgage in November was 3.69%, down from 4.87% a year ago.

Statewide, the numbers were similar in November, with a 7.1% drop in sales compared with a year ago and a 5.3% increase in the median price to $200,000.

Nationwide, home sales were up 2.7% from a year ago, and the median price was up 5.4% to $271,300.

Tribune Content Agency