Sunday, June 27 2010
The Report, found online at www.IndianaIsHomge.com, was the first-ever county-by-county comparison of existing single-family home sales in Indiana. In March, statistics on other types of existing, single-family home sales - condominiums, duplexes, townhomes, mobile homes, etc. - was added to the report.
IAR obtains the data directly from 26 of the state's 27 Multiple Listing Services (MLSs), including the Broker Listing Cooperative® (BLC®) in central Indiana. To date, the Report represents 98% of the housing market statewide and 91 of 92 Indiana counties.
Statewide, May sales of all types of existing, single-family homes increased 25.9% from the same month last year; median prices saw an increase of 5%. This is the third consecutive month that there has been an increase in sales and the eighth consecutive month that there has been an increase in median prices over the previous year.
"Because those who took advantage of the federal tax credit have until June 30th to close their transaction, we don't yet have a clear idea of what the credit's expiration will mean to our local markets," said Karl Berron, Chief Executive Officer. "Over the next few months, our reports will become more robust, including information on pending sales and other indicators that will help us understand impact of the tax credit.
"The good news is that median prices did enjoy a welcomed five percent increase over last May," continued Berron. "Regardless of the availability of the tax credit, we expect prices to remain relatively stable with the potential for some softness if demand indicators continue to wane."
In coming months, as Berron mentioned, the Report will include information on new listings, pending sales, average sales price, percent of original list price received at sale, housing affordability and month's supply of inventory.
Reportisode #9, archived along the right side of the Reports tab at www.IndianaIsHome.com, is still of interest. It talks about the other incentives available to help consumers achieve their dream of homeownership, namely the Market Stabilization Program created by the Indiana Housing & Community Development Authority (IHCDA) to minimize the negative effects of foreclosures in many Hoosier communities. That program runs through the end of June.
More about "Indiana Is Home"
It is a multi-media project hosted by media professional Pat Carlini and aimed at keeping Hoosier homeowners, would-be homeowners, policymakers and the media well-informed on the ever-changing local real estate markets. Indianapolis-based Boost Media and Entertainment shot and produced all videos found at www.IndianaIsHome.com.