INDIANAPOLIS — Median and average sale prices of homes have returned to the 2007 levels, according to the Indiana Association of Realtors.
The association says June marked the sixth consecutive month for year-over-year increases in average sale prices.
The evidence, which documents up to the close of the first half of 2012, is found in a joint report from the Indianapolis Board of Realtors and the Indiana Association of Realtors.
The number of closed sales in central Indiana increased by 17.3 percent in the three months ending in June 2012 when compared to the same three-month period last year. In June alone, closed sales increased by 15.6 percent.
Pending sales increased by 9.7 percent in the three months ending in June and 10.3 percent in the one-month comparison. Pending sales reflect signed purchase agreements that have yet to close.
In central Indiana, the average sales price of homes increased by 5.2 percent to $165,147 in the three-month comparison. Average sales prices increased by 3.2 percent to $169,459 when compared to June 2011.
Highlights from the statewide report include:
- The median sale price of homes statewide is in its seventh consecutive month of year-over-year increases and back to a level not seen since 2007.
- The average sale price of homes statewide is in its sixth consecutive month of year-over-year increases and also back to a level not seen since 2007.
- The number of closed home sales is in its 12th consecutive month of year-over-year increases with 2012 on track to surpass years in which a federal home buyer tax credit was available.
“For the third month in a row, the statewide housing market has made very good news,” said Karl Berron, Chief Executive Officer of the Indiana Association of Realtors. “Home prices and market activity were strong during June which is a result of pent-up demand and continued low interest rates. It’s also because homes across Indiana have historically held value, so real estate here has long been viewed as a wise investment.”
“The demand will only be sustained if Hoosiers are working and confident in their long-term employment, continued Berron. “So we are listening for economic development plans and watching jobs numbers closely.”
Getting back to the traditional year-over-year comparisons of the Indiana Real Estate Markets Report, statewide, when comparing June 2012 to June 2011:
- The number of closed home sales increased 11 percent to 6,750.
- The median sale price of those homes increased 3.4 percent to $124,000.
- The average sale price increased 2.7 percent to $147,559.
- The number of pending home sales increased 9.7 percent to 6,026.
Source: Indiana Association of Realtors