Home Prices Rise, Fewer Homes for Sale

By Stephanie Parkinson

March 18, 2013 Updated Mar 18, 2013 at 5:24 PM EDT

Fort Wayne, Ind. (www.incnow.tv) - Fewer homes are on the market. In Northeast Indiana and that means housing prices are rising.

According to the Upstate Alliance of Realtors home prices are up 8.5 percent over the past year. The study released by Update Monday also shows a drop in the number of homes on the market over the past year.

The president for the realtors group, Adam Smith, says fewer people are putting their homes up for sale. Instead they're taking advantage of refinancing with lower interest rates, and that's making what is available cost more. This is a trend Smith says is continuing.

"A lot of the sellers start to list the first of March, is when we see a lot of sellers say, ok now I'm going to get on the market, get ready. We just haven't seen that inventory come out, so as a buyer there's less choices. I guess as a seller they are going a little bit quicker because of the less choices,” said Adam Smith, President, Upstate Alliance of Realtors.

The study shows the most popular price bracket is the $100,000-$200,000 range. But in the past year sales of homes priced above $300,000 have increased more than any other price range.

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