The Indiana Association of Realtors says home sales were down 1.6 percent in 2014 compared to 2013. However, IAR President Bruce Bright says the year finished “much better” than expected. The numbers show pending home sales and percent of original list price received increased, but the number of new listings decreased. January 27, 2015
INDIANAPOLIS, Ind. – December home sales increased 8.5 percent statewide, but it wasn't enough of a boost for the total number of home sales in 2014 to best the year before. Home sales for 2014 slipped 1.6 percent compared to 2013. This is according to the Indiana Real Estate Markets Report today released by the state's REALTORS.
However, home sale prices were better in both the monthly and annual comparisons. December's median sale price is $125,000, a 5.2 percent increase, and the average is $153,643, a 4.8 percent increase. The median sale price of all homes sold in 2014 is $126,000, a 3.3 percent increase, and the average is $152,095, a 4.2 percent increase.
Other monthly comparisons (December 2014 vs. December 2013) from the report show –
-The number of pending home sales increased 18.3 percent to 4,390
-The percent of original list price received increased 2.6 percent to 93.4 percent
-The number of new listings increased 5.9 percent to 5,480
Other annual comparisons (2014 vs. 2013) from the report show –
-The number of pending home sales increased 1.6 percent to 73,086
-The percent of original list price received increased 1.7 percent to 93.5 percent
-The number of new listings decreased 2.9 percent to 114,201
“The year as a whole shaped up to be much better than most believed it would be at the start of 2014,” said Brownsburg's Bruce Bright, 2015 President of the Indiana Association of REALTORS. “Interest rates remained low, and the number of private sector jobs grew. This coupled nicely on the government side with mortgage debt forgiveness and interest deduction preservation.
“The increase in December pending home sales suggests that 2015 will be off to a faster start than 2014,” continued Bright. “Whether real estate stays on this positive path depends on the job market, and particularly on wages, access to credit, and consumer confidence.”
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