Indiana REALTORS® have closed the book on September, releasing their summary of existing-home sales from the ninth month of 2019. Existing-homes include single-family, townhomes, condos, and co-ops.
The number of pending homes increased 8.7% to 7,672
Average sales price of homes increased 6.8% to $199.854
The number of new listings increased 7.1% to 9.613
“Existing-home prices increased at the statewide level again in September, making it 94 months in a row for such increases,” said 2019 IAR President Brian Thompson of Bloomington. “We owe it to low inventory, low-interest rates, and low unemployment for these price gains, which are beneficial to homeowners and communities alike. There are simply not enough quality homes on the market to satisfy consumer demand and the competition is driving prices up.”
“Realtors expect current market conditions to continue until the pace of new home construction picks up,” continued Thompson. “And as always, we’re keeping our eye on employment and wages – both keys to healthy housing markets.”