Local Housing Sales Increase Heading into Fall
New housing data released this week shows a 12.9 percent increase in closed sales for the month of August and a 5.9 percent increase for the quarter ending in August compared to the same time periods one year ago. Pending sales rose 14.9 percent in August and had a 8.3 percent increase for the quarter.
This month, Bartholomew and Jennings counties are included in the numbers, bringing the data count from 13 counties to 15 counties. That addition in August does prevent a true August to August comparison, however, **The 13-county comparison still rose significantly to 8.4 percent when not accounting for the two additional counties in August 2016.
Sale prices continue to climb. The median sales price rose 3.3 percent in August and 2.9 percent in the three-month review. The average sales price increased by 1.9 percent in August and increased 2.0 percent when comparing the three months ending in August.
Months of inventory was unchanged at 4.0.
REALTORS® agree that the increase in closings is a welcome sign and evidence that buyers are finding what they desire despite there being a tight inventory. The double digit increase in pendings and slight uptick in new listings in August will hopefully make for a healthy September market.