November Housing Market Bounces Back
Housing data released by MIBOR REALTOR® Association (MIBOR) this week shows positive closed sales, pending sales, prices and new listing activity in November reversing trend from some slight dips and less aggressive growth in October. Closed sales increased 3.5 percent in November compared to November 2014, rose 0.7 percent in the quarterly comparison and 8.6 percent over the last 12 months. Pending sales increased 14.8 percent in the monthly comparison of November 2015 to the same period last year. In the quarter ending in November, pending sales rose 11.7 percent. Sale prices increased. The average sales price increased by 4.2 percent in November and rose 3.0 percent in the three-month review. Median sales price increased 5.5 percent in November and 3.6 percent for the quarter ending in November.
New listings, a metric that has been through yo-yo effect all year, increased an impressive 11.7 percent in November.
In regard to new listings, Kathy Hall, 2015 MIBOR president said, “the reversal in closed sales from October to November is a great sign, but the meaningful stat for a healthy future market is seen in the double digit new listings increase. That’s exciting to see this time of year.” She continued, “It means sellers have confidence and it means buyers have more choice. We need that type of heavy increase month after month to meet the buyer demand out there. This is a great first step.”
Several counties outperformed the region as a whole in closed sales increases for the month including Brown, Hendricks, Johnson, Montgomery and Putnam. The following counties outpaced the region in price increases on November: Brown, Madison, Marion, Montgomery, Putnam and Shelby.
Want to see more? To download the Monthly Indicators housing report, click here. To view the one-page county reports, click here. Please note, due to the length of the reports, it may take a few minutes to download.