Prices Are Up; Sales Slowing as Smaller Pool of Listings Becomes the Norm
(INDIANAPOLIS, IN) — Pending and closed sales backed down in April as the pool of homes for sale shrank further compared to a year ago, as found in the Indiana Real Estate Markets Report today released by the Indiana Association of Realtors® (IAR).
Statewide year-over-year comparisons (April 2017 vs. April 2016) show:
- The number of pending home sales decreased 0.9% to 8,353
- The percent of original list price received increased by 0.9% to 96.1%
- 52 Average days on market through April
- The number of new listings decreased 8.4% to 10,454
“Home shoppers are showing resiliency despite challenging conditions, but inventory is not matching up with demand,” said 2017 IAR President Cheryl Stuckwish of Vallonia. “Smart buyers should get pre-approved and forget about submitting lowball offers. Homes are moving too quickly to take a chance on losing out to a competing buyer.” Last week in Washington, D.C. the National Association of Realtors® Chief Economist Lawrence Yun discussed the challenges of low inventory at the Realtors® Legislative Meetings & Trade Expo. Yun explained the housing shortages are largely from lack of the “4L’s”: lots, labor, lending, and lumber.