Home/Mortgages/Indiana Home Sales Fall Short in September

November 13, 2012 (Jeff Alan)

Home sales fell for the second time in the last three months in Indiana during September but still beat the previous year’s tally according to the latest housing data from the Indiana Association of Realtors® (IAR) while monthly home values dipped slightly for a second consecutive month.

An estimated total of 5,550 existing single-family homes and condos were sold in the Hoosier State in September. That was 17.1 percent lower than the 6,697 homes sold in August but 7.5 percent higher than the 5,163 homes sold in September 2011.

Sales for the month were expected to be lower because September only had 19 business days compared to a normal month that typically has 21 or 22 business days. However, on a daily basis, homes sales were still 4.6 percent lower than the previous month.

Through the end of September, home sales in Indiana are 13.1 percent higher than during the same time period last year and have increased year-over-year for 15 consecutive months.

The median sales price for an existing home in Indiana fell by 1.2 percent in September to $120,000, down from $121,500 in August, but was still 4.3 percent higher than the median price of $115,000 in September of last year.

Karl Berron, Chief Executive Officer of the Indiana Association of REALTORS®, stated, “Now that the traditional buying and selling season is past, we can clearly see the strength within the residential real estate market statewide. Sustained recovery will not happen without real employment and wage growth. Consumers must be confident in both the greater economy and their family finances before signing on the dotted line. While REALTORS® are confident looking ahead to 2013, we also acknowledge cheap borrowing costs and the fact homes here have historically held value have been the glue binding things together.”

Of the 92 counties that provide data for the monthly report, forty-seven of the counties reported gains in home sales over the previous year or were unchanged with Jackson County (+100.0 percent) reporting the largest increase among counties with 20 sales or more while Huntington County (-26.5 percent) posted the largest year-over-year decline in closed sales.

Marion County recorded the most sales for the month with an estimated 896 home sales, up from 796 in September of last year, while Hamilton County followed with an estimated 465 closed sales for the month, up from 374 a year ago.

Year-over-year, forty-nine counties posted an increase in their median prices led by Huntington County (+45.6 percent) with Jefferson County (-25.2 percent) posting the largest decline in prices in counties that had a minimum of 20 sales.

The total number of homes for sale fell slightly in September with 46,208 homes actively available. That’s down from 47,711 in August and down from 50,140 in September of 2011.

The state had an average 8.7 months supply of homes available for purchase, down slightly from a 9.0 month’s supply in August and down from a 10.7 months supply a year earlier.

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