(INDIANAPOLIS, IN) — July existing-home sales fell 2.1 percent compared to a year ago, as found within the Indiana Real Estate Markets Report today released by the state’s REALTORS®.
Statewide year-over-year comparisons (July 2016 vs. July 2015) show:
- The number of pending home sales increased 0.5% to 7,494
- The percent of original list price received increased 1.3% to 96.1%
- Average days on market through August was 87
- The number of new listings decreased 5.9% to 10,528
“Lack of available inventory, not lack of buyer demand, is likely what caused July home sales to fall behind last year,” said Shelbyville’s Nancy Smith, 2016 President of the Indiana Association of REALTORS®. “Many would-be buyers are ready to make their move, but they can’t buy what isn’t for sale or has already sold. Given the competitive market landscape, we expect to see price appreciation and a shortage of supply continue into fall.”