The Indiana Association of Realtors says 60 fewer homes sold statewide in July than during the same month last year. The organization says closed home sales so far this year are down more than five percent compared to 2013, but the median sales price is higher.
August 28, 2014
Indianapolis, Ind. — There were 60 less homes sold statewide in July than during the same month of last year. This is according to the Indiana Real Estate Markets Report today released by the state's REALTORS.
However, the median price of the 7,803 homes sold last month ($132,000) is 1.5 percent higher than the median price of homes sold in July 2013. The average price of those same homes ($159,032) is also 1.5 percent higher. And, the number of pending home sales in July is 4.8 percent higher, possibly pointing to a stronger-than-expected late summer and early fall.
“After double-digit increases in closed sales for all of last year, it would be easy to get discouraged by recent year-over-year comparisons,” said Kevin Eastridge, 2014 President of the Indiana Association of REALTORS and Owner/Managing Broker of the Evansville-based F.C. Tucker Emge REALTORS. “When you look farther back, you see that housing activity statewide is actually on par with 2007, proving that local markets truly have stabilized.”
Year-to-date comparisons from the report show –
• The number of closed home sales decreased 5.4 percent to 42,466
• The median sale price of those homes ($125,000) is 2.5 percent higher
• The average sale price ($150,842) is 3.9 percent higher
• The percent of original list price received increased 1.5 percent to 93.3 percent
• The number of pending home sales decreased 2.7 percent to 44,561
• The number of new listings decreased 3.8 percent to 73,036
“Potential sellers should be motivated by the pricing figures in today's report and should also understand conditions could soon change with newly constructed homes presenting a competitive hurdle and economists predicting interest rates will rise in 2015,” continued Eastridge. “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.”
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