Local Housing Market Trends. Read On.

The Indiana Association of Realtors, Inc. has announced the latest data for our local market. According to this report, local housing markets continue to stabilize and follow seasonal trends. In addition, low inventory is still impacting home sales, but fetching top dollar for available properties.

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The Indiana Real Estate Markets Report released by the state’s REALTORS® shows that statewide, when comparing April 2014 to April 2013, the following occurred:

– The number of closed home sales decreased 7.7 percent to 6,062,

– The median sale price of those homes increased 3.4 percent to $123,000,

– The average sale price increased 3.9 percent to $147,187,

– The percent of original list price received increased 0.9 percent to 92.8 percent,

– The number of pending home sales decreased 2.7 percent to 7,201, and

– The number of new listings decreased 0.4 percent to 12,067.

“With more than 800 additional homes sold statewide in April versus March, local housing markets continue to stabilize and follow seasonal trends,” said Kevin Eastridge, 2014 President of the Indiana Association of REALTORS® and Owner/Principal Broker of the Evansville-based F.C. Tucker Emge REALTORS®. “Supply is still tight, though improving. What housing really needs is further job creation and wage growth, and for there to be no major changes in mortgage rules and regulations.

“Provided the economy and the lending environment continue on their current paths, IAR members expect for housing news to be about the same for the next few months,” continued Eastridge. “The definite bright spot is that home values are increasing, which is good for property owners and the surrounding communities alike.”

Anyone looking to buy, sell, or invest should start with the sortable county tables of this report and then talk to a local REALTOR® who can give the most insight into what’s happening in a neighborhood, city, or school district.

If you’re interested in buying a new home, contact me to get started!

 

IAR represents approximately 15,000 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of America’s largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.

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