Indiana Home Sales DecreasePosted: Updated:
The Indiana Association of Realtors says the number of existing, single-family homes sold statewide decreased last month by 1.6 percent compared to November 2012. That breaks a streak of 28 months of year-over-year increases.
December 23, 2013
Indianapolis, Ind. -- After 28 months of year-over-year increases in the number of existing, single-family homes sold statewide, that number slightly decreased last month by 1.6 percent when compared with November 2012. However, the average and median sale price of those 5,475 homes sold in Indiana during November increased in the year-over- year comparison, and both the year-to-date comparisons of closed home sales and prices indicate 2013 will still finish well ahead of 2012. This is according to the monthly Indiana Real Estate Markets Report today released by REALTORS.
"Housing markets across the state appear to be making some expected seasonal adjustments with severe weather preventing showings and making consumers think twice about moving," said Kevin Kirkpatrick, 2013 President of the Indiana Association of REALTORS. "Markets have also been impacted by a lack of inventory, rising interest rates and mortgage qualification difficulties.
"The fact remains that 2013 has been remarkable for residential real estate," continued Kirkpatrick. "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. Real employment and wage growth, as well as consumer confidence and mortgage availability, hold the key to success in 2014."
All year-over-year (November 2013 vs. November 2012) comparisons from the report are as follows:
•The number of existing, single-family closed home sales decreased 1.6 percent statewide
•The median sale price of those 5,475 homes increased 0.4 percent to $120,000
•The average sale price increased 4.3 percent to $145,653
•The percent of original list price received increased 1.9 percent to 92 percent
•The number of pending home sales decreased 1.1 percent to 4,591
•The number of new listings decreased four percent to 6,771
Including November, the number of existing, single-family homes sold statewide this year increased 14.3 percent when compared with the same period of 2012. The median sale price of those 70,351 homes is $122,500 – a 3.8 percent increase from the first 11 months of last year. The average sale price is $145,952 – a 4.2 percent increase.
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