Median sales prices of houses in Lake and Porter counties are moving toward double-digit increases over last year, with two months remaining.

As of the end of October, the median sales price of a house in Lake County rose 7.9%, from $161,000 to $173,650, compared to the same time period in 2018, according to housing statistics released Thursday by Greater Northwest Indiana Association of Realtors.

The numbers are derived from GNIAR's multiple listing services.

Porter County housing prices jumped 9.7%, from $195,925 to $215,000, in the first 10 months of this year, despite a 2.4% price drop from October to October. The median sales price last month was $200,000, compared to $205,000 in October 2018.

In Lake County, housing prices rose 5.6% year-over-year in October, rising from $162,000 in 2018 to $171,000 last month.

In the seven counties covered by GNIAR combined, year-to-date housing prices increased 6.1%, from $165.000 to $175,000. The counties also include LaPorte, Newton, Jasper, Pulaski and Starke. Year-over-year October prices jumped 4.8%, from $165,000 to $172,975.

“The year is shaping up how we thought it would be, in a general sense,” GNIAR CEO Peter Novak Jr. said. “Housing prices are still increasing in Lake and Porter counties.”

Novak said the region has seen housing price increases every year since 2012.

On the down side, he said this is the first year in the last six to seven years that the number of housing units sold will have dropped year-over-year.

"It's a matter of tight inventory more than anything. The demand is still there," Novak said.

According to GNIAR's monthly report, 5,102 housing units were sold in Lake County as of the end of October, a 4.2% decline from the 5,323 units sold as of that date in 2018. In October, there were 538 housing units sold compared to 592 the previous October, a 9.1% drop.

In Porter County, 2,042 houses have been sold year-to-date compared to 2,151 as of this time in 2018, a 5.1% slip. October's numbers also dropped 5.1%, from 215 to 204.

In the seven counties combines, 3.3% fewer houses have been sold so far this year, from 9,293 to 8,983. October’s number dipped 3.6%, from 1,009 to 973 year-over-year.
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