Sales of existing homes in the seven counties that make up the Greater Northwest Indiana Association of Realtors grew more than 5 percent in 2015, hitting their highest annual level since 2007.
The 9,885 single-family homes, condominiums and townhomes sold topped last year's 9,382 by 5.4 percent. And the median price of $140,000 was 3.7 percent above 2014's $135,000, according to the GNIAR.
The year-over-year growth slowed slightly toward the end of the year, "but if you asked me before this year, would you take these numbers, I'd say absolutely yes," GNIAR CEO Peter Novak said.
Novak called the 3.7 percent median price growth "a good, balanced number."
Realtors from Lake, Porter, LaPorte, Jasper, Newton, Starke and Pulaski counties make up GNIAR.
Nationally, a strong December made 2015 the best year for existing home sales since 2006, according to the National Association of Realtors. Sales were 7.7 percent higher in 2015 than 2014, with 5.26 million last year.
The association's chief economist, Lawrence Yun, said December's strong performance was due in part to some November closings having been delayed because of new federal rules intended to assist buyers.
But November and December taken together still show a positive trend, he said.
"The overall pace taken together indicates sales these last two months maintained the healthy level of activity seen in most of 2015," Yun said. He added that the possibility of higher mortgage rates in the near future, and good weather across much of the country, aided late 2015 sales.
The average rate for a 30-year fixed-rate mortgage stayed below 4 percent for the fifth consecutive month, up slightly from November's 3.94 percent to 3.96 percent in December, according to Freddie Mac.
In December, year-over-year results showed a gain locally in sales but a drop in median price. The number of units sold in the seven-county area was up 4.8 percent to 781, while the median selling price was down 2.1 percent to $137,000.
Lake County showed a December drop, from 432 to 415 sales, and from $138,980 to $135,000 in median price.
Porter County December sales were up to 178 from 171. The county's median price was up to $168,000 from $163,900 a year ago.
LaPorte County showed a significant jump in sales, with December's results up to 115 from 91. Its median price was steady at $124,000, down slightly from last December's $125,000.
Novak said he expects "a good, solid year" in 2016. Inventory remains a concern, and how good the year turns out to be will depend considerably on building activity, he said.
Nationally, "in addition to insufficient supply levels, the overall pace of sales this year will be constricted by tepid economic expansion, rising mortgage rates and decreasing demand for buying in oil-producing metro areas," the NAR's Yun said.