Home prices and market activity again outpace the year prior;
sustained recovery dependent on real employment and wage growth

(INDIANAPOLIS, IN) – Home prices and market activity across Indiana have again outpaced the year prior.

The Indiana Real Estate Markets Report today released by the state’s REALTORS® shows that statewide, when comparing August 2012 to August 2011, the following occurred:

• The number of closed home sales increased 12.2 percent to 6,697,
• The median sale price of those homes increased 3.8 percent to $121,500,
• The average sale price increased 2.6 percent to $146,339,
• The number of pending home sales increased 11.5 percent to 6,150,
• The number of new listings decreased 2.9 percent to 9,830, and
• The percent of original list price received increased 0.3 percent to 90.7 percent.

“August capped two great seasons for the residential real estate market statewide,” said Karl Berron, Chief Executive Officer of the Indiana Association of REALTORS®. “With regard to closed sales, last month (August) was actually the fourteenth consecutive month of year-over-year increases and put 2012 one step closer to surpassing years in which a federal home buyer tax credit was available. With regard to home prices, this past spring and summer have put values back to levels not seen since the recession began.

“Sustained recovery will not happen without real employment and wage growth,” continued Berron. “Consumers must be confident in both the greater economy and their family finances before signing on the dotted line. Thus far, cheap borrowing costs and the fact homes here have historically held value have been the glue binding things together.”

Anyone looking to buy or invest should start with the sortable county tables of this report and then talk to a local REALTOR® who can give the most insight into what’s happening in a neighborhood, city or school district.