Sales of existing homes in Northwest Indiana rebounded in November after showing a decline in October.
Data provided by the Indiana Association of Realtors showed 876 closed sales in November, which was up 2.2% when compared to November 2018 when 857 closed sales were logged. In October, sales of existing homes declined 3.1% when compared to sales in October 2018.
The Northwest Indiana market for the Indiana Association of Realtors includes Jasper, Lake, La Porte, Newton, Porter, Pulaski and Starke counties, which is represented by the Greater Northwest Indiana Association of Realtors.
Year-to-date sales of existing homes in the Region continue to run behind last year’s pace. Through November, 9,831 homes were sold, which is down 2.4% from 10,069 closed sales recorded between January and November last year.
Sellers received 95.2% of their list price in November, which was 1% percent higher than 94.3% of list sellers received in November 2018. Average sales pace was $208,002, which was 8% higher than a year ago.
Realtor.com, the official website of the National Association of Realtors, in its annual forecast released in early December, said the U.S. housing market would continue slowing in 2020 mainly because buyers would have fewer options and a cooling economy could slow consumer spending.
Realtor.com projected the Chicago-Naperville-Elgin, Ill.-Ind.-Wis. metropolitan statistical area, would see 2020 sales drop 0.9% and sale prices to fall 0.3% from 2019. The Chicago MSA includes Lake, Porter, Japer and Newton counties in Indiana and parts of southern Wisconsin.