The Indiana Association of REALTORS ® (IAR) recently released its monthly “Indiana Real Estate Markets Report” as a continuation of its “Indiana is Home” project. Statewide, when comparing February 2011 to February 2010:

• The median sales price of homes increased 2.0 percent to $100,000;
• The average sale price of homes increased 0.3 percent to $122,052; and
• The number of closed sales decreased 7.1 percent to 3,212.

“We’re not surprised that the number of closed sales is down year-over-year,” said Karl Berron, Chief Executive Officer. “There was quite a bit of activity in the marketplace this time last year as the federal home buyer tax credit loomed.

“Until the impact of the tax credit recedes, it’s best to review housing data in a long-term,” he continued. “Those trends are very positive and point to a potentially good spring and summer with regard to activity.

To Berron’s point:

• The median sale price of homes, statewide, has increased 15 out of the last 17 months;
• The inventory of homes for sale has steadily trended downward since the latter part of 2007, getting closer to a normal or neutral market.

“Of course, the linchpin to an improved market is consumer confidence. Buyers must have confidence in their ability to obtain and repay a mortgage before the number of closed sales will rise in a meaningful way. And that means job.” Berron concluded.

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