WARSAW – Indiana REALTORS® has closed the books on August, releasing their summary of existing-home sales from the eighth month of 2019. Existing homes include single-family, townhomes, condos, and co-ops, according to a news release from Kosciusko Board of Realtors.
“Existing-home prices increased at the statewide level again in August, making it 93 months in a row for such increases,” said 2019 IAR President Brian Thompson of Bloomington. “We owe it to low inventory, low-interest rates, and low unemployment for these price gains, which are beneficial to homeowners and communities alike. There are simply not enough quality homes on the market to satisfy consumer demand and the competition is driving prices up.”
Going into the fourth quarter, here’s how 2019 is shaping up when compared to the same point of 2018 (January to August 2019 vs. January to August 2018): Sales are down 1.9 percent, the median price is up 6.3 percent, and the average price is up 5.5 percent, according to a news release from the Kosciusko Board of REALTORS®.
Sally Bailey of Coldwell Banker The Real Estate Group offered a local perspective.
“Real Estate has been strong in 2019; however, the inventory of homes have been lower than past markets,” said Bailey
Despite the lower inventory, interest rates remained along with an increase in the median sales price over the past year, according to Bailey.
“Typically we will see a slowing of the market from Thanksgiving through mid-January as buyers and sellers focus on the holidays, family gatherings, parties, shopping and travel. While it is slower houses are still selling during this time,” Bailey said.
According to Thompson, REALTORS® should expect current market conditions to continue until the pace of new home construction picks up.