Home Sales Up; Inventory Boost Needed to Satisfy Demand

August 4, 2016

(INDIANAPOLIS, IN) — May existing-home sales are up a sizable 14.3 percent from this time last year, as found within the Indiana Real Estate Markets Report today released by the state’s REALTORS®.

Other statewide year-over-year comparisons (May 2016 vs. May 2015) show:

  • The number of pending home sales increased 2% to 8,393
  • The percent of original list price received increased 0.9% to 95.9%
  • Average days on market through June was 71 days
  • The number of new listings decreased 5.3% to 11,516

“The current housing market is one of the more competitive I’ve seen,” said Shelbyville’s Nancy Smith, 2016 President of the Indiana Association of REALTORS®. “As a result, inventory constraints are sticking around as sales make further gains. Would-be buyers aren’t dawdling in a time when quality listings often sell right after entering the market. For this hot market streak to keep up through summer, we really need a supply boost to satisfy the fierce demand.”

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