Indiana home sales mark year-over-year jump in April
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A new report from the Indiana Association of Realtors shows home sales in April increased 9% over the same month last year. A total of 6,730 closings were reported, which is also an 8% jump over March.
The increase is a shift from this time in 2023, when closed and pending home sales dropped from March to April due to rising mortgage rates and a sharp decrease in inventory.
The association said with interest rate cuts expected in 2024 and 2025, the real estate market in Indiana “is returning to normal seasonal trends leading into traditionally heavy homebuying months.”
“We’re seeing more confidence in improving interest rates and inflation prompting Hoosiers to move forward with their moving plans,” IAR President Jennifer Parham, the managing broker of Lighthouse Realty in Merrillville, said in a news release.
Pending sales for April totaled 7,401, up 3% year-over-year. Additionally, Indiana’s median home sale price remained at $250,000 in March and April, marking a 2% increase over last year.
The Indiana Association of Realtors also noted an increase in homes listed for sale, with 8,617 homes listed last month. Though, Parham noted those listings are still historically low.
“There are still 40% fewer homes for sale in Indiana on a given day than back in 2019,” Parham said. “But we’re encouraged that more homeowners are taking advantage of rising property values and a recovering market, bringing more options to buyers as we head into summer.”
Metropolitan areas in northern Indiana saw the biggest year-over-year jumps in home closings last month, with South Bend leading the way at 42% (299 closings), followed by LaPorte/Michigan City at 23% (100 closings) and Fort Wayne at 17% (464 closings).
You can connect to the April Housing Report from the Indiana Association of Realtors by clicking here.