Home Sales in Indiana Improve for Seventh Consecutive Month

August 9, 2012 (Shirley Allen)

Home sales in Indiana surpassed the previous month’s tally for the seventh consecutive month in June with two-thirds of the counties reporting improved sales according to the latest housing data from the Indiana Association of Realtors® (IAR).

An estimated total of 6,750 existing single-family homes and condos were sold in the Hoosier State in June. That was 5.3 percent higher than the 6,411 homes sold in May and 11.0 percent higher than the 6,081 homes sold in June 2011.

Through the end of June, home sales in Indiana are 14.1 percent higher than during the same time period last year and have increased year-over-year for 12 consecutive months.

The median sales price for an existing home in Indiana increased by 1.6 percent in June to $124,000, up from $122,000 in May, and was 3.4 percent higher than the median price of $119,900 in June of last year.

Karl Berron, Chief Executive Officer of the Indiana Association of REALTORS®, stated, “For the third month in a row, the statewide housing market has made very good news. Home prices and market activity were strong during June which is a result of pent-up demand and continued low interest rates. It’s also because homes across Indiana have historically held value, so real estate here has long been viewed as a wise investment.”

Of the 92 counties that provide data for the monthly report, sixty-one of the counties reported gains in home sales over the previous year or were unchanged with Fulton County (+140.0 percent) reporting the largest increase among counties with 20 sales or more while Dubois County (-32.4 percent) posted the largest year-over-year decline in closed sales.

Marion County recorded the most sales for the month with an estimated 1,103 home sales, up from 993 in June 2011, while Hamilton County followed with an estimated 616 closed sales for the month, up from 482 a year ago.

Year-over-year, forty-nine counties posted an increase in their median prices led by Steuben County (+26.6 percent) with Henry County (-23.4 percent) posting the largest decline in prices in counties that had a minimum of 20 sales.

The total number of homes for sale increased slightly in June with 48,131 homes actively available. That’s up from 47,484 in May and but still down from 52,042 in June of 2011.

The state had an average 9.3 months supply of homes available for purchase, unchanged from May but down from an 11.6 months supply a year earlier.

Tags: existing homes, condos, sales, median home prices, Indiana

Source:
IAR