NWI home sales begin to march upward

Existing single-family home sales in Northwest Indiana increased 19.6 percent in November compared with one year ago, marking the fifth straight month of higher sales in the region, according to data from the Greater Northwest Indiana Association of Realtors.

In the five counties served by the association, 525 homes were sold in November, compared with 439 in November 2010.

Nationally, sales of existing single-family homes increased 12.9 percent in November and inventories of homes for sale again trended down, reaching their lowest point since reaching a record in July 2007 at the height of the housing crisis, according to the National Association of Realtors.

"Sales reached the highest mark in 10 months and are 34 percent above the cyclical low point in mid-2010 — a genuine sustained sales recovery appears to be developing," said Lawrence Yun, chief economist for the National Association of Realtors.

The National Association of Realtors reported November sales rose to a seasonally adjusted annual rate of 3.95 million in November, from 3.50 million in November 2010. The median existing single-family home price was $164,100 in November, down 4 percent from one year ago.

The median sales price of a home in Porter County was $157,500 in November, which is 12.5 percent lower than the median one year ago, according to Greater Northwest Indiana Association of Realtors sales data. The median sales price of a home in Lake County was $128,500 in November, which is 2.8 percent higher than one year ago.

The Greater Northwest Indiana Association of Realtors serves Lake, Porter, LaPorte, Jasper and Newton counties.