Strong growth in the sale of existing homes in Lake County in September was almost enough to pull the seven counties that make up the Greater Northwest Indiana Association of Realtors into positive territory for the month.
Statistics from GNIAR's Multiple Listing Service show 1,002 sales for September, down 0.7 percent from last September's 1,009. Lake County led the area with 10.8 percent year-over-year growth to 614 sales.
The median sale price continued its rise, increasing 9.4 percent year-over-year to $164,000.
GNIAR includes Lake, Porter, LaPorte, Jasper, Newton, Starke and Pulaski counties.
Nationally, sales were down 1.5 percent year-over-year, to an estimated 5.39 million in September, according to the National Association of Realtors. It was the first year-over-year decline since July 2016.
The association's chief economist, Lawrence Yun, said demand remains strong even as sales remain sluggish.
"Realtors this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings — especially at the lower end of the market — and fast-rising prices that are straining the budgets of prospective buyers,” Yun said in the NAR's monthly report.
Yun noted the probable impact of hurricanes on national sales numbers.
"Sales activity likely would have been somewhat stronger if not for the fact that parts of Texas and South Florida — hit by Hurricanes Harvey and Irma — saw temporary, but notable declines," he said.
Local sales reflect the national trend. Each of the last three months have seen closings within one percent of the same month in 2016. For the year through September, sales are up 2.4 percent to 8,471 and the median price is up 6.6 percent to $157,200.
The Lake County sales total made up for a 20.1 percent drop to 187 in Porter County, and a 16.1 percent drop to 120 in LaPorte County. Sales in the four smaller GNIAR counties were up 3.8 percent to 81.
Median prices in the Region continued their rise, with Lake County's up 9.1 percent to $161,950, Porter County's up 14.9 percent to $195,000 and LaPorte County's up 3.7 percent to $140,000.
Other statistics reported by the NAR include:
- The median home price nationally was $245,100 in September, up 4.2 percent from a year ago, and marking the 67th straight month of year-over-year increases.
- Housing inventory rose 1.6 percent in September to 1.9 million homes available for sale at the end of the month, 6.4 percent lower than a year ago. Inventory has fallen year-over-year for 28 consecutive months.
- First-time buyers constituted 29 percent of the total in September, down from 34 percent a year ago.
- The rate for a 30-year conventional, fixed-rate mortgage was 3.81 percent in September, the lowest rate since November's 3.77 percent.
- Foreclosures and short sales made up 4 percent of sales in September, unchanged from a year ago.