(INDIANAPOLIS, IN) — The Indiana housing market experienced steady growth in June, wrapping up second-quarter 2016 with increases in the median selling price and existing-home sales over 2015. This data is found within the Indiana Real Estate Markets Report today released by the state’s REALTORS®.

Statewide year-to-date comparisons (Q2 2016 vs. Q2 2015) show:

• Pending home sales increased 7.3 percent to 44,986
• Closed home sales increased 9.1 percent to 41,511
• Median sales price increased 5.0 percent to $137,500
• Average sales price increased 3.5 percent to $163,588
• Percentage of original list price received increased 1.0 percent to 95.1 percent
• Number of new listings decreased 3.5 percent to 60,911

The traditional monthly review (June 2016 vs. June 2015) includes inventory information:

• Pending home sales increased 5.6 percent to 8,352
• Closed home sales increased 3.0 percent to 9,348
• Median sales price increased 3.8 percent to $147,900
• Average sales price increased 3.6 percent to $177,757
• Percentage of original list price received increased 0.9 percent 
  to 96.2 percent
• Number of new listings decreased 4.4 percent to 11,709
• Inventory of homes for sale decreased 15.7 percent to 
  34,336 units
• Months supply of homes for sale decreased 21.0 percent to
  4.9 months

“At the halfway point of 2016, we’re still seeing an inventory shortage in many markets,” said Shelbyville’s Nancy Smith, 2016 President of the Indiana Association of REALTORS®. “But I’ve also talked to several REALTORS® around the state who say their inventory has picked up this month. Sales usually peak in June or July, but this year may break the trend given how hot the market has been lately.”

The Indiana Real Estate Markets Report obtains data from 11 of the state’s 12 Multiple Listing Services (MLSs), including the Broker Listing Cooperative® (BLC®) in central Indiana. To date, the report represents 98 percent of the housing market statewide and 91 of 92 Indiana counties.