(INDIANAPOLIS, IN) – Indiana REALTORS® have closed the books on May, today releasing their summary of existing-home sales from the fifth month of 2019. Existing-homes include single-family, townhomes, condos, and co-ops.
The traditional statewide year-over-year comparisons - May 2019 vs May 2019 - show:
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The number of pending home sales increased 0.3% to 9,394
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Average sales price of homes increased 3.7% to $201,722
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The number of new listings decreased 0.9% to 11,852
“Be ready to move - that's the best advice Realtors® can give to our clients these days,” said 2019 IAR President Brian Thompson. “For sellers, the advice is literal. Low inventory means a quality home is going to sell quick. For buyers, the advice is about preparation. Buyers need to come to the home search ready to make an offer, which means knowing their budget and having their financing ready to go.
“Realtors® expect these conditions to continue until the pace of new home construction picks up," continued Thompson, "Interest rates, employment, and wages remain key to healthy housing markets, as well.”
The Indiana Association of REALTORS® partners with eight of the state's nine listing services to publish the monthly Indiana Real Estate Markets Report. The report represents 98% of the housing market statewide and 91 of 92 counties.