With people sheltered in place during the pandemic in recent weeks, Realtors expected the crisis to lead to a drop in sales of existing homes during April. Numbers showed an 11.9% drop compared to April 2019.
Sales of existing homes in Northwest Indiana in March appeared unaffected by the crisis created by the COVID-19 pandemic.
Sales of existing homes across Northwest Indiana during the first two months of 2020 reflected the market likely would remain strong heading into the spring and summer months, traditionally the busiest selling time for the industry.
Realtor.com, the official website of the National Association of Realtors, in its annual forecast said the U.S. housing market will continue to slow in 2020 because buyers have fewer options and a cooling economy could sway others to rein in spending.
Sales of existing homes in Northwest Indiana between January and September are showing improvement when compared to the same period last year.
Sales of existing homes in Northwest Indiana year-to-date through July are running behind when compared to the same period last year.
Data released by the Indiana Association of Realtors shows closed sales of existing homes in the Greater Northwest Indiana area in May totaled 1,011, down 5.8 percent when compared to May 2018 when 1,073 sales were recorded.