SOUTH BEND -- The housing market is on a better footing now than at the same time last year.
And experts say that reflects an improvement in the economy and local job market.
Closed home sales in St. Joseph County have increased since last year, showing that buyers are more willing to purchase property, said Myron Larimer, chief executive officer of the Greater South Bend-Mishawaka Association of Realtors.
But as demand has gone up inventory has decreased, especially among homes in the $200,000 to $300,000 range, he said, explaining that there are also fewer properties coming onto the market because of foreclosures and distressed sales.
"That impacts prices because it's more competitive," Larimer said, explaining that while the inventory in St. Joseph County has dropped 14 percent compared to the same time last year, the median sales price rose to $108,250 from $103,000.
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