Sales of existing homes in Northwest Indiana year-to-date through July are running behind when compared to the same period last year.

Data from the Indiana Association of Realtors showed year-to-date sales through July in the Region totaled 5,869, down 4.9% from 6,171 when compared to the same time last year.

The Indiana Realtors association blames down sales on lack of inventory to lure buyers into the market.

“There’s simply not enough desirable housing stock to satisfy consumer needs right now and the competition is driving up prices,” said Brian Thompson, president of the state Realtor’s association.

In Northwest Indiana, there were 3,481 homes available for sale in July, down 5.2% from 3,682 in July 2018. New listings in July totaled 1,540, up 9.8% from 1,402 in July 2018.

Closed sales rebounded in the Region in July. A total of 1,077 closed sales were recorded in Jasper, Lake, LaPorte, Newton, Porter, Pulaski and Starke counties, which is the area covered by the Greater Northwest Indiana Association of Realtors.

The Region’s July closed sales volume is a 0.7% increase from July 2018, when 1,070 closed sales were logged.

July’s closed sales in Northwest Indiana improved from June when 1,067 closed sales were recorded, which was down 7.4% from June 2018. Sales also were down in May, which saw 1,011 closed sales, a drop of 5.8% when compared to May 2018, which recorded 1,073 closed sales.

For July, the median sale price was $180,000, up 1.7% from $177,000 in July 2018. The average sale price in the Region for July was $203,845, up 0.1% from $203,677 in July 2018.

What sellers received for their homes fell in July when compared to the same month a year ago. Sellers averaged 96.3% of list price, which was down 0.1% from a year ago.