June 7, 2012 (Shirley Allen)
Home sales in Indiana continued to show impressive strength during April following March’s forty-five percent surge as sales surpassed both the previous month’s and the previous year’s levels according to the latest housing data from the Indiana Association of Realtors® (IAR).
An estimated total of 5,568 existing single-family homes and condos were sold in the Hoosier State in April. That was 7.7 percent higher than the 5,170 homes sold in March and 13.0 percent higher than the 4,929 homes sold in April 2011.
The median sales price for an existing home in Indiana increased by 4.5 percent in April to $116,000, up from $111,000 in March, and was 2.7 percent higher than the median price of $113,000 in April of last year.
Karl Berron, Chief Executive Officer of the Indiana Association of REALTORS®, stated, “April was one of the best months the statewide housing market has seen in years. And members are confident the next few months of the traditional selling season will follow this positive trend so long as Hoosiers are working. Going forward, we will be closely watching the activity related to the percent of original list price received at sale and inventory of homes for sale. Favorable supply-demand trends may finally be ticking toward sellers, though with still historically low interest rates, qualified buyers have a great market in which to make an investment.”
Of the 92 counties that provide data for the monthly report, fifty-nine of the counties reported gains in home sales over the previous year or were unchanged with Noble County (+103.6 percent) reporting the largest increase among counties with 20 sales or more while Marshall County (-44.7 percent) posted the largest year-over-year decline in closed sales.
Marion County recorded the most sales for the month with an estimated 942 home sales, up from 782 in April 2011, while Hamilton County followed with an estimated 428 closed sales for the month, up from 365 a year ago.
Year-over-year, forty-six counties posted an increase in their median prices led by Steuben County (+49.5 percent) with Miami County (-72.5 percent) posting the largest decline in prices in counties that had a minimum of 20 sales.
The total number of homes available for sale increased in April with 46,571 homes actively available. That’s up from 44,638 in March and but still down from 50,076 in April of 2011.
The state had an average 9.3 months supply of homes available for purchase, unchanged from March but down from a 10.8 months supply a year earlier.
Tags: existing homes, condos, sales, median home prices, Indiana