Local, state and national numbers show improvement in the real estate picture
by Keith Royston, The Star Press. 6/1/14
MUNCIE — Home sales in Delaware County continue their long, slow rebound.
Going on six years after the collapse of the housing market, near-collapse of the nation’s financial system and the depths of the Great Recession, people are buying homes again — and they have been for much of the past year.
They’re also paying more.
According to the Indiana Association of Realtors, closed sales increased 3.8 percent in April, although they’ve been down just over 10 percent for the year so far compared to the same period in 2013. In April, 81 sales were closed locally and 259 sales were closed January through April.
The median sales price of homes that sold in April was $84,450. That’s a big increase — nearly 22 percent — from the median price of $69,400 in April 2013. The median price so far this year is $75,100, up from $66,000 in the first four months of 2013.
New listings were up 3.6 percent in April, with 81 local homes listed for sale. The year to date, listings are down, although winter weather no doubt played a role in dampening home sales just a couple of months ago.
Buyers got 90.4 percent of their original listing price in April, the group said, not too far off from the benchmark in 2013 and the year so far.
In April, 626 houses were listed for sale.
State, national sales a mixed bag
The real estate group reported that the number of closed home sales around the state of Indiana decreased by 7.7 percent in April compared to a year ago.
The median sale price did increase 3.4 percent, to $124,000, and the average sale price increased 3.9 percent, to $147,187.
Home sellers got 92.8 percent of their asking price, the group reported.
Pending sales were down 2.7 percent to 7,201 and the number of new listings decreased 0.4 percent to 12,067.
Kevin Eastridge, president of the Indiana Association of Realtors, said housing markets were stabilizing. Supply is limited but improving, he added in a statement.
Job growth is needed to spark home sales, Eastridge added.
Nationally, home sales are slowly improving.
Around the country, sales of existing homes increased 1.3 percent in April, according to the National Association of Realtors. That represents the first increase in existing home sales so far this year, the group reported.
The 4.65 million homes and other types of housing sold is still below the 4.99 million sold in April 2013.
The group said that 2.29 million existing homes are available for sale.
The median existing home price in the United States was $201,700, a 5.2 percent increase from the same month a year ago.
Ten percent of April sales were foreclosed homes, the group said, and five percent were short sales, a practice used by home-sellers who are in danger of foreclosure to head off the loss of their home by selling it quickly themselves.
Contact Keith Roysdon at 765-213-5828 and follow him on Twitter: @keithroysdon