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Indiana November home sales up from 2011; prices are down slightly

(INDIANAPOLIS, IN) December 22, 2011 –  According to the monthly “Indiana Real Estate Markets Report” today released by the Indiana Association of REALTORS®, activity was high in November with both the number of closed and pending home sales up by double digits year-over-year.

Statewide, when comparing November 2011 to November 2010:

  • The number of closed home sales increased 14.2% to  4,411; and
  • The number of pending home sales increased 10.4% to 3,959.

Prices did not follow that trend. Both the statewide median and average  price of homes sold in November 2011 was less than in November 2010, but just slightly:

  • The median sale price of homes decreased 1.8% to
    $110,000; and
  • The average sale price of homes decreased 0.2% to
    $132,949.

“We’re close to being able to say that 2011 was better than the last two years,” said Karl Berron, Chief Executive Officer. “Local housing markets may not be making progress as quickly as we’d like, but they’re making progress and that’s good news for everyone.”

With regard to the slight dip in prices, Berron said REALTORS® were not concerned because year-to-date, the median sale price of homes in Indiana is actually up when compared to 2010 and 2009, and so is the average sale price.

“Home prices here in Indiana have historically held their ground,” said Berron. “It’s one of the reasons we enjoy a homeownership rate of more than seventy percent, and is certainly a positive for would-be home owners who are now shopping with some of the lowest mortgage interest rates in current memory.”

Whether market activity and value continue to grow depends upon a number of factors outside of the real estate industry’s control say REALTORS® across the state. The number one item on their list is more jobs, which drives number two and three on the group’s list – available financing for qualified buyers and less foreclosure inventory.

“Folks looking to invest should start with the sortable county tables of this report and then talk to a local REALTOR® who can give the most insight into what’s happening in a neighborhood, city or school district,” concluded Berron.