Home/Mortgages/Indiana Home Sales Improve in August

October 15, 2012 (Jeff Alan)

Monthly home sales regained momentum during August in Indiana after falling for the first time in eight months in July according to the latest housing data from the Indiana Association of Realtors® (IAR) while home values dipped slightly for the month but were still higher than last year.

An estimated total of 6,697 existing single-family homes and condos were sold in the Hoosier State in August. That was 5.1 percent higher than the 6,370 homes sold in July and 12.2 percent higher than the 5,967 homes sold in August 2011.

Through the end of August, home sales in Indiana are 13.9 percent higher than during the same time period last year and have increased year-over-year for 14 consecutive months.

The median sales price for an existing home in Indiana fell by 0.8 percent in August to $121,500, down from $123,000 in July, but was still 3.8 percent higher than the median price of $117,000 in August of last year.

Karl Berron, Chief Executive Officer of the Indiana Association of REALTORS®, stated, “August capped two great seasons for the residential real estate market statewide. With regard to closed sales, last month (August) was actually the fourteenth consecutive month of year-over-year increases and put 2012 one step closer to surpassing years in which a federal home buyer tax credit was available. With regard to home prices, this past spring and summer have put values back to levels not seen since the recession began.

Of the 92 counties that provide data for the monthly report, fifty-six of the counties reported gains in home sales over the previous year or were unchanged with Scott County (+266.7 percent) reporting the largest increase among counties with 20 sales or more while Montgomery County (-40.0 percent) posted the largest year-over-year decline in closed sales.

Marion County recorded the most sales for the month with an estimated 1,051 home sales, up from 912 in August 2011, while Hamilton County followed with an estimated 567 closed sales for the month, up from 474 a year ago.

Year-over-year, forty-nine counties posted an increase in their median prices led by Adams County (+62.6 percent) with Miami County (-33.2 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 August with 47,711 homes actively available. That’s down from 48,175 in July and down from 51,583 in August of 2011.

The state had an average 9.0 months supply of homes available for purchase, down slightly from a 9.2 month’s supply in July and down from an 11.1 months supply a year earlier.

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