Indiana Posts Monthly and Yearly Gains in Home Sales

April 5, 2012 (Shirley Allen)

Monthly and yearly sales of existing single-family homes and condominiums improved from January to February in Indiana while home prices edged slightly higher according to the latest housing data from the Indiana Association of Realtors® (IAR).

An estimated total of 3,551 existing single-family homes and condos were sold in the Hoosier State in February. That was 2.6 percent higher than the 3,458 homes sold in January and 20.5 percent higher than the 2,948 homes sold in February 2011.

The median sales price for an existing home in Indiana increased by 2.0 percent in February to $103,000, up from $101,000 in January, and was 0.5 percent higher than the median price of $102,500 in February of last year.

Karl Berron, Chief Executive Officer of the Indiana Association of REALTORS®, stated, “Our data, combined with the fact that consumer confidence is as high as it has been in a year, points to an active spring and summer. There are still some challenges to work through, but the statewide housing market is on its way to recovery with some local markets leading the charge.”

Of the 90 counties that provide data for the monthly report, forty-nine of the counties reported gains in home sales over the previous year with Grant County (+142.1 percent) reporting the largest increase while Lawrence County (-23.1 percent) posted the largest year-over-year decline in closed sales (minimum 20 sales).

Marion County recorded the most sales for the month with an estimated 617 home sales, up from 523 in February 2011, while Lake County followed with an estimated 252 closed sales for the month, up from 226 a year ago.

Year-over-year, thirty-nine counties posted an increase in their median prices led by Delaware County (+102.3 percent) with Bartholomew County (-28.8 percent) posting the largest decline in prices (minimum 20 sales).

The total number of homes available for sale continued to decline in February with 40,171 homes actively available. That’s down from 42,346 in January and from 43,759 in February of 2011.

The state had an average 9.0 months supply of homes available for purchase, up slightly from an 8.9 months supply in January but still down from an 10.0 months supply a year earlier.

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

Source:
IAR