Late Summer Housing Remains Active
Housing data released this week by the Metropolitan Indianapolis Board of REALTORS® (MIBOR) shows continued increases in pending sales, closed sales, new listings and sales prices. While all numbers are up, the pace of increases has slowed as we close out summer in central Indiana.
Pending sales increased 4.7 percent in the monthly comparison of August 2015 to the same period last year. In the quarter ending in August, pending sales climbed 7.8 percent. Closed sales increased by 3.9 percent as well in August and by 12.0 percent in the three-month review. New listings rose 4.7 percent in August after a decline the month before.
Sale prices also saw increases in both the one- and three-month reviews. The average sales price increased by 2.8 percent in August and 4.2 percent in the three-month review. Median sales price had a similar jump of 2.7 percent in August and 5.2 percent rise for the three months ending in August. Months of inventory stands at 4.9 months indicating the length of time it would take to sell all available inventory. A more balanced inventory level benefiting both buyers and sellers is closer to six months.
“Buyers and sellers should be encouraged by August housing activity. We are off the pace of the heavy activity we saw all spring and early summer and that’s to be expected in August,” said Kathy Hall, 2015 MIBOR president. She continued, “An unexpected jump in new listings in August is very encouraging however. We know tight inventory has been an issue all year so late summer optimism by sellers eager to list their homes demonstrates we still have a very active marketplace.”
By: MIBOR, Claire Belby