Indiana Closed Home Sales Drop

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The Indiana Association of Realtors says the number of closed home sales in March decreased more than 11 percent compared to the same month the previous year. President Kevin Eastridge says low inventory "continues to hold home sales back."

April 23, 2014

News Release

Indianapolis, Ind. -- The Indiana Real Estate Markets Report today released by the state's REALTORS shows that statewide, when comparing March 2014 to March 2013, the following occurred:

• The number of closed home sales decreased 11.2 percent to 5,243,

• The median sale price of those homes increased 4.3 percent to $119,900,

• The average sale price increased 5.2 percent to $142,259,

• The percent or original list price received increased 1.1 percent to 91.6 percent,

• The number of pending home sales decreased 0.6 percent to 6,381, and

• The number of new listings decreased 0.3 percent to 10,261.

"Buyers want homes, which is clearly supported by their willingness to pay top dollar, but low inventory continues to hold home sales back," said Kevin Eastridge, 2014 President of the Indiana Association of REALTORS and Owner/Principal Broker of the Evansville-based F.C. Tucker Emge REALTORS. "Opportunity's knock is getting louder on the doors of potential sellers, who at this point will dictate the performance of local housing markets for the next couple of months so long as employment levels remain steady."

Anyone looking to buy, sell or invest should start with the sortable county tables of this report and then talk to a local REALTOR who can give the most insight into what's happening in a neighborhood, city or school district.

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