Monthly Home Sales Tick Downward

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The Indiana Association of Realtors says statewide home sales were off slightly in November compared to the same month a year ago. For the year to date, the organization says closed home sales are also down slightly compared to last year. Reports suggest both median sale price and average sale price increased last month compared to November 2013. December 28, 2014

News Release

INDIANAPOLIS, Ind. (December 23, 2014) - After two consecutive months of besting last year, November home sales slipped 2.3 percent statewide. This is according to the Indiana Real Estate Markets Report today released by the state's REALTORS.

Prices were better than last year, however. The median sale price of $123,000 is a 2.5 percent increase from 2013, and the average of $148,267 is a 1.8 percent increase.

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

-The number of pending home sales increased 6.0 percent to 4,894

-The percent of original list price received increased 1.6 percent to 93.5 percent

-The number of new listings decreased 6.3 percent to 6,386

-The inventory of homes for sale decreased 4.0 percent to 40,162

"Sales cooled off as the busy holiday season started, but prices continued to gain traction," said Kevin Eastridge, 2014 President of the Indiana Association of REALTORSĀ®. "The increase in November pending transactions suggests that closed transactions in 2015 will be off to a faster start than 2014. As the job market in Indiana continues to improve so will real estate sales."

The 69,061 homes sold statewide thus far in 2014 is just a 2.4 decrease from the same point in time of last year. The median sale price of those homes, $126,000, is a 2.9 percent increase from 2013; the average sale price, $151,961, is a 4.1 percent increase. The number of pending home sales, 68,696, is a 0.7 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: The Indiana Association of Realtors