Region homebuyers appeared to be heading back in the market in February.
Sales of existing homes in February rebounded from January’s slow start. The Greater Northwest Indiana Association of Realtors reported 581 closed sales in its service area which covers Jasper, Lake, La Porte, Newton, Porter, Pulaski and Starke counties, a 6.8 percent increase from 544 in February 2018 and an 8.8 percent increase from January.
Sales of existing homes in the Region in January totaled 534, down 11 percent from 600 recorded in January 2018.
While there was a month-to-month gain, year-to-date sales of existing homes continue to run behind 2018’s pace. Through the end of February, there were 1,115 closed sales, down 2.5 percent from 1,144 recorded through the end of the same month last year.
New listings increased in February. The realtor’s association reported 830 new listings in February, a 2.3 percent increase from February 2018.
The overall inventory of homes for sale still is down when compared to last year. The realtor’s association reported there were 2,963 homes available for sale, down 3.7 percent from 3,078 available at the end of February last year.
Low inventory likely factored into rising sale prices. The median sales price in February was $164,100, up 5.9 percent from $154,900 from February 2018.
The realtor’s association said the average sales price in February was $177,788, up 2.4 percent from $173,573 a year ago.
