Home/Mortgages/Monthly Home Sales in Indiana Fall for the First Time in Eight Months

September 18, 2012 (Jeff Alan)

Monthly home sales fell for the first time in eight months during July in Indiana according to the latest housing data from the Indiana Association of Realtors® (IAR) but still beat last year’s tally by over 800 sales.

An estimated total of 6,370 existing single-family homes and condos were sold in the Hoosier State in July. That was 5.6 percent lower than the 6,750 homes sold in June but still 14.4 percent higher than the 5,569 homes sold in July 2011.

Through the end of July, home sales in Indiana are 14.2 percent higher than during the same time period last year and have increased year-over-year for 13 consecutive months.

The median sales price for an existing home in Indiana fell by 0.8 percent in July to $123,000, down from $124,000 in June, but was 2.5 percent higher than the median price of $120,000 in July of last year.

Karl Berron, Chief Executive Officer of the Indiana Association of REALTORS®, stated, “July was a great month in residential real estate. With regard to closed sales, last month was actually the thirteenth 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, July put values back to levels not seen since the housing downturn began.”

Of the 92 counties that provide data for the monthly report, sixty-five of the counties reported gains in home sales over the previous year or were unchanged with Lagrange County (+94.1 percent) reporting the largest increase among counties with 20 sales or more while Vigo County (-23.1 percent) posted the largest year-over-year decline in closed sales.

Marion County recorded the most sales for the month with an estimated 955 home sales, down from 1,103 in July 2011, while Hamilton County followed with an estimated 563 closed sales for the month, down from 616 a year ago.

Year-over-year, fifty-three counties posted an increase in their median prices led by Jefferson County (+54.4 percent) with Henry County (-34.7 percent) posting the largest decline in prices in counties that had a minimum of 20 sales.

The total number of homes for sale remained relatively stable in July with 48,175 homes actively available. That’s up from 48,131 in June and but still down from 52,087 in July of 2011.

The state had an average 9.2 months supply of homes available for purchase, down slightly from a 9.3 month’s supply in June and down from an 11.4 months supply a year earlier.

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