Strong Demand Pushes All Metrics UP - Except Inventory
(INDIANAPOLIS, IN) — Indiana REALTORS® have closed the books on August, releasing their summary of existing home sales from last month. All metrics are up on a statewide basis except inventory, which is certainly a result of consumer optimism and seasonality.
- The number of pending home sales increased 7.7% to 8,630
- Average sales price of homes increased 5.8% to $188,961
- The number of new listings increased 3.4% to 11,050
Most notably, the sales price of homes— single-family, townhomes, condos, and co-ops included—is still on the rise. Statewide, the median sales price of homes is $160,500, a 7.3 percent increase when compared to August 2017. The average sales price is $188,961, a 5.8 percent increase from the same month. Again, low inventory, strong demand, and seasonality all play a role in these figures.
While some across the nation are concerned about affordability, the fact remains that trends in Indiana do not yet support a dramatic shift away from what has been experienced over the last few years. REALTORS® do not expect market conditions to change until the pace of new construction picks up or employment and wages start to slide.