FOR IMMEDIATE RELEASE

Bloomington Home Prices in July Rose 12 Percent

Homes sold faster and at higher average prices as interest rates increase slightly
BLOOMINGTON, IND. (August 30, 2013) According to the latest housing data compiled by RE/MAX of Indiana, Bloomingtons real estate market continued to experience growth. The average price of homes sold increased by 11.72 percent last month compared to July 2012 sales transactions, from an average of $175,066 to $195,585. In addition, the length of time a home was listed on the market decreased in July to an average of 108 days, compared to 121 days in July 2012. Local real estate experts contribute Bloomingtons favorable market to improved economic conditions, which led to an increase in buyer confidence. Despite these improvements in the market, there was a slight reduction in the number of homes sold from 161 in July 2012 compared to 146 last month, representing a 9.32 percent decrease. According to real estate experts, the Bloomington market is experiencing a shortage of residential properties that are priced below $500,000. Low inventory in this segment is one reason prices increased and fewer homes sold in July. Although the number of homes sold slipped in July, year-to-date numbers show the number of homes sold increasing in Bloomington. In fact, the number of homes sold year-to-date increased 9.47 percent for January through July 2013 compared to the same time last year. Real estate experts expect the local housing market to continue to strengthen as the economy becomes more stable. The luxury housing and second home markets have not recovered as fast, and home values in this segment are trending downward. These segments need more time before a full recovery is realized, experts say.
July 2012 Homes Sold July 2013 Homes Sold % Change July 2012 Avg Sold Price July 2013 Avg Sold Price % Change July 2012 Days on Market July 2013 Days on Market % Change

Bloomington

161

146

-9.32%

$175,066

$195,585

11.72%

121

108

-10.80%

Source: Bloomington Board of REALTORS

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CONTACTS: Amy Kopp RE/MAX Acclaimed Properties Bloomington, Indiana (p) 812.272.3000 (e) amy.kopp@homefinder.org Stacy A. Gillen Director of Regional Operations, RE/MAX of Indiana (p) 317.845.2005 (e) sgillen@remax-indiana.com

About RE/MAX of Indiana, an Integra Company RE/MAX of Indiana is Hoosiers real estate market leader with $2.7 billion in annual sales, over 75 offices and more than 1,2 00 sales associates. Founded in 1987, RE/MAX of Indiana helps growing families and businesses through its expertise in residential and commercial real estate, as well as relocation and referral services. Having sold 1.5 million homes in Indiana over the last five years, nobody sells more real estate than RE/MAX. Integra Enterprises Corporation is a privately held company headquartered in Toronto, Ontario, Canada. Integra is the largest subfranchisor of Denver, Colorado based RE/MAX, LLC. Representing approximately 30 percent of RE/MAX worldwide with more than 27,000 agents, Integra operates RE/MAX regional headquarters in Massachusetts; Minnesota; Indiana; Toronto, Ontario, Canada; and Vienna, Austria. Integras proven operating model supports its membership with a highly accessible and responsive regional leadership team delivering proprietary business development, training, marketing, and event management services from each of its regional offices. For more information about Integra Enterprises, read the Integra brochure, or to read more about RE/MAX of Indiana, visit www.remaxindiana.com and follow us on Twitter at @remaxofindiana.