Indiana Housing Market Continues to Climb

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The Indiana Association of Realtors says the number of closed home sales in the state has risen again. The group is reporting a 13 percent increase in August, compared to the same period last year. September 24, 2013

News Release

INDIANAPOLIS, Ind. - The number of existing, single-family homes sold last month statewide increased 13 percent when compared with August 2012. The median sale price of those 7,566 homes is $125,000 - a 2.9 percent increase from the same month of last year. This is according to the monthly Indiana Real Estate Markets Report today released by the state's REALTORS.

Other year-over-year, statewide comparisons from the report show -

-The average sale price of homes increased 3 percent to $150,728

-The percent of original list price received increased 2.3 percent to 92.7 percent

-The number of pending home sales increased 6.9 percent to 6,573

-The number of new listings increased 12.4 percent to 11,045

August 2013 was the 26th consecutive month of year-over-year gains in the number of closed home sales, and marked these other consecutive year-over-year gains -

-The median sale price of homes has increased for 21 months

-The average sale price has increased for 20 months

-Sellers received a greater share of their original list price for the 18th month

-The number of pending home sales has increased for 23 months

"The traditional summer selling season ended on a high note in Indiana," said Kevin Kirkpatrick, 2013 President of the Indiana Association of REALTORS. "The idea that mortgage rates may rise further is likely spurring some of the demand we are now seeing in early September. With the limited inventory we have, buyers should be prepared to first submit their most competitive offers.

"Whether housing continues to be a bright spot in the nation's economy depends on real employment and wage growth, as well as consumer sentiment, which can be swayed by rising gas prices, stock market shifts and global economic happenings," Kirkpatrick concluded.

IAR represents approximately 15,000 REALTORS who are involved in virtually all aspects related to the sale, purchase, exchange or lease of real property in Indiana. The term REALTOR is a registered mark that identifies a real estate professional who is a member of America's largest trade association, the National Association of REALTORS, and subscribes to its strict Code of Ethics.

Source: The Indiana Association of Realtors