YEAR-TO-DATE INDIANA HOME SALES WELL AHEAD OF LAST YEAR

Pent Up Demand Sustains Post-Summer Boost in Contract Signings

(INDIANAPOLIS, IN) — At the end of the third quarter, Indiana existing-home sales are up 7.4 percent (4,559 sales) compared to Q3 2015. This data is found within the Indiana Real Estate Markets Report today released by the state’s REALTORS®.

Other statewide year-to-date comparisons (Q3 2016 vs. Q3 2015) show:

• Closed home sales increased 7.4 percent to 66,068 • Pending home sales increased 6.0 percent to 67,454

• Median sales price of homes increased 4.4 percent to $139,900

• Average sales price increased 3.7 percent to $166,585

• Percentage of original list price received increased 1.0 percent to 95.3 percent

• Number of new listings decreased 3.3 percent to 91,153

“Between pent up demand and favorable interest rates, we expected the post-summer selling season to start off stronger than last year; and it did,” said Shelbyville’s Nancy Smith, 2016 president of the Indiana Association of REALTORS®. “However, statewide pending sales are up by just 2.4 percent. This is a sign the all-too-familiar supply crunch stuck around in September, and many would-be buyers haven’t been able to get their foot in the door yet.”

The traditional statewide monthly review (September 2016 vs. September 2015) includes inventory information:

• Closed home sales increased 6.2 percent to 7,736

• Pending home sales increased 2.4 percent to 7,072

• Median sales price increased 7.8 percent to $142,900

• Average sales price increased 8.2 percent to $171,854

• Percentage of original list price received increased 1.1 percent to 95.4 percent

• Number of new listings decreased 0.1 percent to 9,319

• Inventory of homes for sale decreased 16.7 percent to 33,539 units

• Months supply of homes for sale decreased 23 percent to 4.7 months

The Indiana Real Estate Markets Report obtains data from 9 of the state’s 10 Multiple Listing Services (MLSs), including the Broker Listing Cooperative® (BLC®) in central Indiana. To date, the report represents 98 percent of the housing market statewide and 91 of 92 Indiana counties