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HOME SALES UP; INVENTORY BOOST NEEDED TO SATISFY DEMAND

 May existing-home sales are up a sizable 14.3 percent from this time last year, as found within the Indiana Real Estate Markets Report today released by the state’s REALTORS®.

 

Other statewide year-over-year comparisons (May 2016 vs. May 2015) show:

• Pending home sales increased 2.0 percent to 8,393

• Median sales price increased 4.4 percent to $143,000

• Average sales price increased 3.7 percent to $169,620

• Percentage of original list price received increased 0.9 percent to 95.9 percent

• Number of new listings decreased 5.3 percent to 11,516

• Inventory of homes for sale decreased 15.2 percent to 33,834 units

• Months supply of homes for sale decreased 21.0 percent to 4.9 months

 

“The current housing market is one of the more competitive I’ve seen,” said Shelbyville’s Nancy Smith, 2016 President of the Indiana Association of REALTORS®. “As a result, inventory constraints are sticking around as sales make further gains. Would-be buyers aren’t dawdling in a time when quality listings often sell right after entering the market. For this hot market streak to keep up through summer, we really need a supply boost to satisfy the fierce demand.”

 

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