Home Sales Increase

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The Indiana Association of Realtors is reporting increases in existing single-family home sales and median sale price. The association says October sales were up 3.7 percent, compared to the same month a year earlier. The median price of those homes increased 3 percent. November 27, 2013

News Release

(INDIANAPOLIS, IN) – The number of existing, single-family homes sold statewide last month increased 3.7 percent when compared with October 2012. The median sale price of those 6,318 homes is $121,000 – a three 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 3.6 percent to $144,815

• The percent of original list price received increased 1.3 percent to 91.7 percent

• The number of pending home sales increased 1.4 percent to 5,637

• The number of new listings increased 3.3 percent to 9,059

Year-to-date comparisons indicate 2013 should finish well ahead of 2012. Including October, the number of existing, single-family homes sold statewide this year increased 15.9 percent when compared with the same period of 2012. The median sale price of those 64,876 homes is $122,800 – a 4.1 percent increase from the first 10 months of last year. The average sale price is $145,977 – a 4.2 percent increase.

"With just two months left in the year, it's safe to say 2013 has been remarkable for residential real estate," said Kevin Kirkpatrick, 2013 President of the Indiana Association of REALTORS. "Significant gains in both sales and prices were made in many markets across the state. Consumers feel empowered by low prices and interest rates, but on the other hand, sellers are starting to have an advantage.

"Statewide, we are well past the recovery stage and are moving toward a stable, balanced marketplace," continued Kirkpatrick. "Whether we fully achieve that status depends on real employment and wage growth, as well as consumer confidence."

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: Indiana Association of Realtors