Hoosier Home Sales Tick Higher

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The Indiana Association of Realtors says the number of closed home sales in June increased three percent higher than May sales. President Kevin Eastridge credits more sellers and low interest rates for the increase. July 25, 2014

News Release

INDIANAPOLIS, Ind. -- June home sales were three percent higher than those in May, marking the fifth month in a row that the number of closed home sales statewide increased from the previous month. This is according to the Indiana Real Estate Markets Report today released by the state’s REALTORS.

The 7,791 homes sold statewide in June had a median sale price of $134,000, which is four percent higher than the median price of homes sold in May. The average price of June home sales is $162,360 – a five percent increase from the previous month.

Year-over-year comparisons from the report show –

- The number of closed home sales increased 0.4 percent

- The median sale price of homes increased 2.3 percent

- The average sale price increased 4.4 percent

- The percent of original list price received increased 1.7 percent to 94.6 percent

- The number of pending home sales increased 6.3 percent to 7,290

- The number of new listings increased 5.6 percent to 12,148

“June was a good month for most local housing markets,” said Kevin Eastridge, 2014 President of the Indiana Association of REALTORS and Owner/Managing Broker of the Evansville-based F.C. Tucker Emge REALTORS. “More sellers entered the marketplace, which helped to satisfy demand, and interest rates remained low, which empowered buyers to purchase higher priced homes caused by low inventory.

“Potential sellers should really take note, as conditions could not be better right now,” continued Eastridge. “It is unclear how long that will last. Newly constructed homes could soon present a competitive hurdle and economists predict interest rates will rise in 2015. At the end of the day, housing is always dependent on job creation, wage growth, and credit availability. Provided the economy and the lending environment continue on their current paths, IAR members expect for this report to be about the same for the next few months.”

Source: Indiana Association of Realtors Inc.