(INDIANAPOLIS, IN) – The Indiana Real Estate Markets Report today released by the state’s REALTORS® shows that statewide, when comparing May 2013 to May 2012, the following occurred:
• The number of closed home sales increased 21 percent to 7,840,
• The median sale price of those homes increased 4.5 percent to $127,500,
• The average sale price increased 4.2 percent to $150,543,
• The percent or original list price received increased 1.2 percent to 92.8 percent,
• The number of pending home sales increased 18.9 percent to 7,625, and
• The number of new listings increased 11 percent to 12,556.
May marked these consecutive year-over-year gains in home prices and market activity (statewide):
• The number of closed home sales has increased year-over-year for 23 consecutive months,
• The median sale price of homes has increased for 18 consecutive months,
• The average sale price has increased for 17 consecutive months,
• Sellers received a greater share of their original list price for the 15th consecutive month, and
• The number of pending home sales has increased for 20 consecutive months.
“May was the type of month our members have been waiting for in this slow and steady housing recovery,” said Kevin Kirkpatrick, 2013 President of the Indiana Association of REALTORS®. “Buyer interest and confidence remain high, so we expect to be just as busy during the next few months as the housing recovery gains momentum.
“Low inventory is still a concern, but as home prices rise, homeowners gain a better equity position and should feel comfortable selling,” continued Kirkpatrick. “A new concern is rising interest rates, which have been at or near historic lows. Buyers will want to take advantage of the lowest rate possible and if the selection of homes does not match the demand, sales volume will definitely be affected down the road.”
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.