(INDIANAPOLIS, IN) – Indiana REALTORS® have closed the books on April, today releasing their summary of existing-home sales from the fourthmonth of 2019. Existing-homes include single family, townhomes, condos, and co-ops.
There were 7,468 existing-homes sold in Indiana during April 2019. That’s 650 more homes than March, demonstrating the seasonality of residential real estate. But it’s a 3.4 percent year over-year decrease.
- The number of pending home sales decreased 1.4% to 8,722
- Average sales price of homes increased 4.8% to $191,561
- The number of new listings increased to 1.5% to 10,682
Prices are a different story. Both the median and average sales price increased year over-year for the 89th month in a row. April’s median sales price is $165,000, a 6.5 percent increase, and the average sales price is $191,561, a 4.8 percent increase.
“Low inventory is making local markets super competitive and driving up prices. This is great news for sellers and communities,” said 2019 Indiana Association of REALTORS® President Brian Thompson of Bloomington. “But it’s posing challenges for buyers. Those looking for a new home need to come to the process ready to make an offer, which means having their financing and budget in place.
“Realtors expect these conditions to continue until the pace of new home construction picks up,” continued Thompson. “Interest rates, employment, and wages remain key to healthy housing markets, as well.”