- Font Size:
- Default font size
- Larger font size
BY SUSAN ERLER
serler@nwitimes.com or 219.548.4349 | Tuesday, June 26, 2007 | (No comments posted.)
May housing sales in Northwest Indiana failed to match those of a year ago, near the tail end of what had been a five-year housing boom in the region and nationwide.
But Lake and Porter counties likely will to continue to attract home buyers, said Peter Novak, who took over in May as chief executive officer of the Greater Northwest Indiana Association of Realtors.
"Certain aspects of the region will continue to make it a strong market," Novak said.
Comparatively low property taxes continue to attract buyers from across the Illinois state line, Novak said.
"Illinois people see that as an advantage," Novak said.
Sales of new and existing homes fell by 5 percent to 744 in May in combined Lake and Porter counties, compared to 784 a year ago, according to information from the Merrillville-based Realtors Association.
But May sales climbed from April by 21 percent, a gain not seen in other parts of the nation.
A Monday report from the National Association of Realtors said sales of new and existing homes fell by 0.3 percent to 5.99 million units, the lowest level in four years.
Strength in the nation's Midwest and Northeast housing markets was offset by weakness in the South and the West, the National Association's report said.
The median price of a home sold in May dropped to $233,700 nationwide, down 2.1 percent from a year ago, and the 10th straight price decline, the report said.
The median selling price of a home sold locally stood at $141,500 in May, a 1.1 percent increase from a year ago and up 5.6 percent from April.
The inventory of unsold homes nationwide rose by 5 percent in May to 4.43 million units, the national report said a level that would take 8.9 months to clear out at the May sales pace.
The inventory level was the highest since a 1992 slump in housing.
The high inventory, combined with a crisis in subprime mortgages which has caused lenders to tighten standards, contributed to the slowdown in sales, housing industry analysts said.
-- The Associated Press contributed to this report.
Back to story No comments posted.
- It wasn't clear, concise or focused on the topic in the story.
- It was a personal attack, vulgar, explicit or degrading, used actual or implied profanity or contained potentially libelous statements.
- It accused someone of being guilty of a crime.
- It promoted violence or illegal acts.
- It contained telephone numbers or street addresses, or e-mail addresses and links to Web sites other than nwi.com or government agencies.
In no way do these comments represent the views of The Times or Lee Enterprises.
Passionate views, pointed criticism and critical thinking are welcome. Name-calling, crude and profane language and personal abuse are not welcome.
Reader comments will not be edited - they will be approved or declined. They may be used in the print edition of the newspaper.
If you feel a posted comment has violated these guidelines, please email our New Media team the commenter's name, the comment and a link to the article.
For more information please read our Terms of Service.
Post a comment Once your comments are approved, they will appear here.
» More Business Stories
- Burger King builds a worldwide empire
- Monthly gain seen in region home sales
- Color-craving light enthusiast outfits bachelor pad with LEDs
- INSIDE INDIANA BUSINESS column: Muncie seeks to
build new
downtown hotel - Consumers, industry eagerly await iPhone as Friday launch approaches
- MARKET RECAP
- Americans give nearly $300 billion to charities in 2006, set a new record