Northwest Indiana single-family home sales increased 26 percent in April as compared to one year ago, marking the 22nd straight month home sales have increased in the region.
A total of 766 single-family homes were sold in April in the region, as compared to 608 homes in April 2012, according to sales figures from the Greater Northwest Indiana Association of Realtors.
"It is crazy," said Minakshi Ghuman, a Realtor with Century 21 Pace Realty in Valparaiso. "It's never been this crazy. It's as crazy as it was in 2007."
Sales figures from the Greater Northwest Indiana Association of Realtors for the first four months of this year show Ghuman is right. Home sales locally this year are now on track to approach the 10,075 homes sold in 2007.
In another sign of the housing market's health, home building is again revving up in Northwest Indiana, with much of the new construction sold before completion, Ghuman said.
The home sales increase in Northwest Indiana in April was much more robust than nationally, with experts citing tight supplies and tight credit as two factors holding back home sales in many parts of the United States.
“Buyer traffic is 31 percent stronger than a year ago, but sales are running only about 10 percent higher," said Lawrence Yun, National Association of Realtors chief economist. "It’s become quite clear that the only way to tame price growth to a manageable, healthy pace is higher levels of new home construction.”
The median existing single-family home sold price nationally was $193,300 in April, which is 11 percent above a year ago, according to National Association of Realtors home sales data. That compares to a median sold price of $130,000 in Northwest Indiana in April, which is just 0.3 percent higher than the $129,661 median sold price in April 2012.
Single-family home sales nationally increased 9 percent in April as compared to April 2012, according to National Association of Realtors home sales data.
The median time on market for all homes sold in April was just 46 days, down sharply from the median 83 days homes sold last April were on the market, according to the association.
The interest rate on a 30-year, fixed-rate mortgage fell to 3.45 percent in April from 3.57 percent in March, according to the weekly survey of Freddie Mac, the federally backed home mortgage bundler.
Locally, home sales in Porter County increased 31.4 percent in April as compared to the year-ago month, according to the Greater Northwest Indiana Association of Realtors. The median sold price moved up 5.9 percent to $174,795.
In Lake County, home sales increased 23 percent in April, with the median price up 1.6 percent.
The Greater Northwest Indiana Association of Realtors covers home sales in Lake, Porter, LaPorte, Newton and Jasper counties.