Home sales in the Region remained strong in August despite the continued shortage of homes on the market and the rising prices, according to information from the Greater Northwest Indiana Association of Realtors.
GNIAR collects sales data from members in a seven-county area, including Lake, Porter, LaPorte, Jasper, Newton, Starke and Pulaski. In August, the members reported selling 1,246 homes, almost 100 more than August of 2019, or an increase of 8.3%. August was also up from July’s total of 1,227. For the year, sales are about 1% up from 2019 at 7,113 units sold.
The median price of a home rose almost 12% from a year ago to $211,500 and it jumped almost 5% from July’s median price of $202,000. So far this year, the median price of a home has risen 8% to $189,000.
GNIAR CEO Pete Novak said a total of about 1,800 homes were on sale during the month. That’s almost half as many as were on the market in August 2019. The shortage of homes on the market began to occur in 2014, but the number has decreased more rapidly the past three years.
Novak compared it to 2006, when buyers had 6,000 homes to select from. Despite the dramatic difference in the number of homes on the market, the number of sales was about the same in both years.
“We had strong August numbers,” Novak said. “We still have a very limited number of homes available and high prices, so to have an increase in sales is surprising. Buyers don’t have much to choose from, but they are still buying.