Indiana Homebuyers Show Resiliency Despite Stalled Inventory

July 1, 2017

Prices Are Up; Sales Slowing as Smaller Pool of Listings Becomes the Norm

(INDIANAPOLIS, IN) — Pending and closed sales backed down in April as the pool of homes for sale shrank further compared to a year ago, as found in the Indiana Real Estate Markets Report today released by the Indiana Association of Realtors® (IAR).

Statewide year-over-year comparisons (April 2017 vs. April 2016) show:

  • The number of pending home sales decreased 0.9% to 8,353
  • The percent of original list price received increased by 0.9% to 96.1%
  • 52 Average days on market through April
  • The number of new listings decreased 8.4% to 10,454

“Home shoppers are showing resiliency despite challenging conditions, but inventory is not matching up with demand,” said 2017 IAR President Cheryl Stuckwish of Vallonia. “Smart buyers should get pre-approved and forget about submitting lowball offers. Homes are moving too quickly to take a chance on losing out to a competing buyer.” Last week in Washington, D.C. the National Association of Realtors® Chief Economist Lawrence Yun discussed the challenges of low inventory at the Realtors® Legislative Meetings & Trade Expo. Yun explained the housing shortages are largely from lack of the “4L’s”: lots, labor, lending, and lumber.

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