INDIANAPOLIS — Data issued today by the Metropolitan Indianapolis Board of REALTORS® (MIBOR) for August 2015 shows continued increases in pending and closed sales, new listings and prices. Closed sales in August were 3.9 percent higher than one year ago. Closed sales rose 12.0 percent in the three months ending in August compared to the same time period in 2014.
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 rose 7.8 percent.
The key indicator of new listings increased by 4.7 percent in August; a welcome sign following last month’s decline.
Sale prices continue to grow 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. The median sales price increased 2.7 percent in August and 5.4 percent for the three months ending in August.
Additional key findings for central Indiana in August 2015:
• The current average sales price in the region is $188,604
• Month’s supply of inventory is 4.9 months
• Total active listings fell by 6.1 percent
“August housing activity was encouraging although we are off the pace of the heavy activity we saw all spring and early summer,” said Kathy Hall, 2015 MIBOR president. She continued, “An unexpected jump in new listings in August is very encouraging. We know tight inventory has been an issue all year so late summer optimism by sellers who are eager to list their homes demonstrates we still have a very active marketplace.”
Statewide, August 2015 surpassed August 2014 across the board:
• Median sale price of homes increased 5.4 percent to $137,000
• Average sale price increased 2.6 percent to $163,923
• Percentage of original list price received increased 0.7 percent to 94.8 percent
• Pending home sales increased 7.0 percent to 7,371
• Closed home sales increased 5.1 percent to 7,703
• Number of new listings increased 2.7 percent to 10,606
“The continuation of the Federal Reserve’s low-rate policy means mortgage rates will remain attractive to buyers,” said Bruce Bright, 2015 President of the Indiana Association of REALTORS®. “By keeping these loan rates down, another surge in home sales and new construction could be likely. More homebuilding can counteract the reductions in home inventories seen across the state.
“A fundamentally sound real estate market is essential to a healthy economy,” continued Bright. “If interest rates stay low and the job market—particularly wages—remains strong, favorable market conditions should continue into the winter months.”
The attached data reports explain how the central Indiana housing market is performing according to eight different indicators. Each indicator will have one-, three-, six- and 12-month comparisons as well as a historical look. Consumers will also have access to specific county information for the 13 counties included in MIBOR’s Broker Listing Cooperative® (BLC) service area: Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Johnson, Madison, Marion, Montgomery, Morgan, Putnam and Shelby counties.
IAR’s report, found online under the Resources tab of IndianaRealtors.com, shows how the state of Indiana’s housing market is performing according to the same indicators, with one-month and year-to-date comparisons as well as a historical look. Consumers will also have access to specific county information for 91 of Indiana’s 92 counties in a sortable table format.