Home sales in Elkhart County in May increased and the median sales price is on the rise, too.
The Indiana Association of Realtors this week issued home sales stats for May. Here are some of the highlights:
Home sales totaled 187 in Elkhart County in May, up 11.3 percent from 168 a year before. In the first five months of 2013, home sales reached 704, up 3.8 percent from 678 in the same period in 2012.
The median sales price in May reached $111,900, up 5.1 percent from $106,500. The figure for the first five months of 2013 was $105,000, up 14.1 percent from $92,000 in 2012.
There were 7.2 months’ worth of inventory on the housing market in May compared to 8.6 months’ worth a year earlier.
Statewide, home sales increased 21 percent in May compared to May 2012, from 6,478 to 7,840. Sales in the first five months of the year totaled 29,109, up 18.7 percent from 24,516 a year earlier.
The median sales price in May statewide reached $127,500, up 4.5 percent from $122,000. The median price in the first five months of 2013 reached $117,000, up 3.5 percent from $113,000.
“Low inventory is still a concern, but as home prices rise, homeowners gain a better equity position and should feel comfortable selling,” said Kevin Kirkpatrick, president of the Indiana Association of Realtors. “A new concern is rising interest rates, which have been at or near historic lows.”