Area homes sales up despite shortage | Northwest Indiana Business Headlines

Home Sales

Home sales in the Region remained strong in August despite the continued shortage of homes on the market and the rising prices, according to information from the Greater Northwest Indiana Association of Realtors.

GNIAR collects sales data from members in a seven-county area, including Lake, Porter, LaPorte, Jasper, Newton, Starke and Pulaski. In August, the members reported selling 1,246 homes, almost 100 more than August of 2019, or an increase of 8.3%. August was also up from July’s total of 1,227. For the year, sales are about 1% up from 2019 at 7,113 units sold.

The median price of a home rose almost 12% from a year ago to $211,500 and it jumped almost 5% from July’s median price of $202,000. So far this year, the median price of a home has risen 8% to $189,000.

GNIAR CEO Pete Novak said a total of about

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Extremely active real estate market continues into September and accentuates the shortage of properties for sale in Montreal suburbs

Montreal Area Real Estate Market

Residential Sales – September 2020
Residential Sales – September 2020
Residential Sales – September 2020

L’ÎLE-DES-SŒURS, Quebec, Oct. 07, 2020 (GLOBE NEWSWIRE) — The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its most recent residential real estate market statistics for the Montreal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris provincial database.

In total, 5,147 residential sales transactions were concluded in September 2020. This represents a 42 per cent increase compared to September of last year and a new sales record for a month of September.

Cumulatively since the start of the year, and compared to the same nine-month period in 2019, the real estate market in the Montreal CMA has finally recovered all the transactions lost in early spring due to the COVID-19 confinement measures.

“With an average selling time of only 46 days in the Montreal area, a new record has

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Housing Boom in U.S. Threatened by Shortage of Available Homes

(Bloomberg) — The U.S. housing market, which has been a bright spot in the pandemic-battered economy, is running out of fuel.

With buyers eager to take advantage of low mortgage rates, the inventory of homes to buy is scarce. That’s driving up prices and threatening to derail the boom by pushing homeownership out of reach for many Americans.

For homebuilders, the huge demand for housing is an opportunity to crank up construction and solve the inventory crisis. Instead, some are deliberately slowing things down as they grapple with supply shortages, surging lumber costs and intense competition for labor and land.

“It’s smart business,” said Gene Myers, chief executive officer of Thrive Home Builders in Denver. “But that means continued shortages and higher prices.”

chart: American Homes Get Scarce

© Bloomberg
American Homes Get Scarce

After the Covid-19 lockdowns in March brought sky-high unemployment, most builders expected a crash. What they got was a brief pause

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Housing shortage fuels rising cost of homes in America

Back in 1971 when “All in the Family” debuted on CBS, no one questioned how a dock worker named Archie Bunker could afford a home on a charming block in Queens, New York. Back then, Archie’s home was worth about $35,000. 

Today, it is valued at more than $800,000. Even after correcting for inflation, that’s more than triple what Archie would have paid for it. 

And sure enough, when “CBS This Morning” visited last winter, there were not many Archie Bunkers buying into the neighborhood. You’re more likely to find doctors, nurses and engineers.

Not even COVID-19 could change that. The pandemic has inspired many buyers to look for larger, more comfortable homes. 

The median price of a townhouse, home or condo soared above $300,000 for the first time over the summer. The average property is selling in just 22 days, faster than ever. 

That new demand has run into

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