Homes Sales Fall in Indiana … But Year-End Numbers Could Still Top 2005

There’s good news and bad news across the state housing market, reports The Northwest Indiana Times.

Unfortunately, sales of new and existing homes in Northwest Indiana tumbled in September - but the year could still finish on solid ground. Compared to 2005, more applicants have turned out for home mortgages in the state.

“We could still be on track to beat last year,” said Nancy Smith, president of the Greater Northwest Indiana Association of Realtors.

A total of 7,942 homes were sold in 2005 in Northwest Indiana, a 4.3 percent increase over the 2004 record year. Sales for the first nine months of 2006 totaled 6,241 in Northwest Indiana, compared to 6,087 for the same period a year ago.

It’s gonna be close.

September total sales of 681 homes in Lake and Porter counties marked declines of 11.2 percent from last year and 20 percent from August, when 851 homes were sold.

The local housing market had held steady until September, despite signs of softening throughout the nation.

“Since we’re just looking at one month, it’s hard to say whether September is the start of a trend or just a blip on the radar,” the Realtors Association’s chief executive officer, Nancy Smith, said.

Sales declined by 7.7 percent from last year to 512 in Lake County, where the median selling price stood at $122,700. September sales in Porter County, meanwhile, where the median selling price was $157,000, fell to 160, a 20 percent drop from September 2005.

Sales of higher-priced homes appear to be slowing, Smith said.

“What we’re hearing anecdotally and by pulling stats is that homes priced above $300,000 are taking longer to sell,” Smith said.

Naturally, that’s often the case for higher end homes. It also follows the nationwide trend of home sales bottoming out. The current situation significantly favors the buyer that is seeking a reasonable home loan and fairly priced piece of property.