Statewide Home Sales Notch Upward

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The Indiana Association of Realtors says more than 570 additional homes were sold statewide in October than a year ago. The organization says closed home sales so far this year are still down slightly compared to the same period in 2013, but the median sales price is higher. November 25, 2014

News Release

INDIANAPOLIS, Ind. - For the second time in a row, monthly home sales outpaced last year. There were 574 more homes sold statewide in October than during the same month of 2013, a 9.0 percent increase. This is according to the Indiana Real Estate Markets Report today released by the state's REALTORS.

October home sale prices were also better than last year. The median sale price of $126,000 is a 4.1 percent increase from 2013, and the average of $153,094 is a 5.7 percent increase.

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

-The number of pending home sales increased 8.3 percent to 6,142

-The percent of original list price received increased 2.4 percent to 93.9 percent

-The number of new listings decreased 0.8 percent to 9,050

-The inventory of homes for sale decreased 2.8 percent to 42,995

"The year started slowly, but a strong fall brings balance to 2014 home sales statewide," said Kevin Eastridge, 2014 President of the Indiana Association of REALTORS. "Prices continue to gain traction and housing seems to be settling into a more sustainable growth pattern. What local markets needs most is further job creation, meaningful wage growth, and credit availability."

The 63,680 homes sold statewide thus far in 2014 is just a 2.4 percent decrease from the same point in time of last year. The median sale price of those homes, $126,500, is a 3.3 percent increase from 2013; the average sale price, $152,273, is a 4.3 percent increase. The number of pending home sales, 63,802, is a 0.3 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: The Indiana Association of REALTORS