Indianapolis Market Review: Sales Still Hot, But Pace Slowing Down

The August 2013 housing data released by MIBOR today shows that while sales activity is still strong – in the double digits – the rate of increase tapered off in August from the high spring and early summer activity. This is most apparent in the pending sales numbers. According to the MIBOR Monthly Indicators Report, the number of closed sales in central Indiana increased 22.2 percent in the three months ending in August 2013 compared to the same period of 2012. Closed sales rose 14.5 percent in August alone when compared to August of last year. Pending sales slowed more increasing by 12.8 percent for the month of August and 15.3 percent in the quarterly comparison. To balance that, the much-watched new listings figure keeps climbing. New listings increased by 15.9 percent in August and 15.8 percent for the three months ending in August. Prices performed well with median sales price up 5.6 percent for the quarter, and up 6.2 for the month of August.  Average sales increased 3.5 percent in August and 4.1 percent for the quarter ending in August. The current average sales price in central Indiana is $171,860; median sales price is $138,000. Consistent with last two reports, months of inventory stands at 5.6 months.