ANDERSON — Despite a slight dip in the sales of existing homes in Madison County for October, the overall sales picture for 2013 is running above a year ago.
For the year, sales of existing homes in Madison County are up 9.5 percent and the median sales price is showing an increase of 2.6 percent, according to a report issued by the Indiana Association of Realtors.
Through October, a total of 1,216 houses were sold in the county at a median sales price of $79,900 as compared to 1,110 houses sold at a median price of $77,900 in 2012.
The sales of homes in Madison County trailed most of the surrounding counties, except for Grant County. The median sales price in the county showed less of an increase than Grant and Henry counties, but better than Delaware, Hamilton, Hancock and Tipton counties.
Tom Seal, president of F.C. Tucker/O.C. Clark Realtors, said the local market for home sales started to improve a couple of years ago.
“Last year there was an improvement in home sales and this year has remained steady,” Seal said. “It hasn’t gotten back to the 2007 levels.”
The inventory of homes on the local real estate market is down and has been down the past few years, he said.
“People are concerned about their ability to sell homes and are not listing them,” Seal said. “As long as the mortgage rates stay fairly good and the economy continues to improve a little, the market should remain steady.”
He said the local Madison County economy is getting better.
Diana Dunham, an associate broker with Carpenter Realtors, said home sales in the area are running about the same as in 2012.
“We’ve been busy the past week,” she said. “People are looking to buy. We’re headed in the right direction.”
Dunham said she expects mortgage interest rates to slowly start to rise in 2014.
According to the Zillow.com website, the average Indiana mortgage rate is 4.34 percent on a 30-year fixed mortgage. That is slightly lower than the national average of 4.35 percent. A year ago the rate on a 30-year fixed mortgage was 3.15 percent.
In a press release, the Indiana Association of Realtors said for the first time in 28 months the sale of existing homes in Indiana for November decreased from a year ago by 1.6 percent.
November sales figures by county were not available.
“Housing markets across the state appear to be making some expected seasonal adjustments with severe weather preventing showings and making consumers think twice about moving,” Kevin Kirkpatrick, president of the Indiana Association of Realtors, said. “Markets have also been impacted by a lack of inventory, rising interest rates and mortgage qualification difficulties.”