Local Market Review: May Data Reveals Stable Pricing

Housing data released by MIBOR last week shows stable increases in home prices in central Indiana with continued decreases in closed and pending sales. Across the region, new listings increased 1.2 percent for the quarter ending in May and decreased only slightly by 1 percent in the month of May. Months of inventory stands at 5.3 months. Sales prices remain stable. The Median Sales Price increased 3.8 percent in the quarter ending in May to $137,500 compared to last year and grew 1.4 percent in May only data to $140,000 compared to May 2013. Average sales price also fared well with a 4.1 percent increase in the quarter to $171,753 over the same time period last year and up to $175,903 for May only – a 2.1 percent increase over May one year ago. Closed sales decreased 8.6 percent for the quarter compared to the same time period in 2013 and dropped 9.0 percent in May compared to a year ago. Pending sales followed a similar pattern, down 6.9 percent for the quarter and 6.8 percent in May alone.