The Indiana Association of Realtors says the number of closed home sales in May were higher than April, but slightly down from the same month the previous year. President Kevin Eastridge says low inventory continues to prevent sales from “jumping year-over-year hurdles.”
June 24, 2014
Indianapolis, Ind. — May home sales were 24 percent higher than those in April, marking the fourth 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.
However, the 7,552 homes sold statewide in May was 3.7 percent lower than those in the same period last year. Other year-over-year comparisons from the report show –
• The median sale price of homes increased 0.4 percent to $128,000
• The average sale price increased 2.3 percent to $154,016
• The percent of original list price received increased 1.6 percent to 94.2 percent
• The number of pending home sales decreased 2.3 percent to 7,448
• The number of new listings decreased 1.4 percent to 12,377
“Local housing markets continue to improve month-to-month. And home values are increasing, which is as beneficial to our communities as it is to individual property owners,” said Kevin Eastridge, 2014 President of the Indiana Association of REALTORS and Owner/Principal Broker of the Evansville-based F.C. Tucker Emge REALTORS.
“Low inventory keeps activity from jumping year-over-year hurdles. In addition to more homes for sale, housing most needs further job creation, wage growth, and credit availability,” continued Eastridge. “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.”
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