Strong Demand Pushes All Metrics UP - Except Inventory
(INDIANAPOLIS, IN) — Indiana REALTORS® have closed the books on July, today releasing their summary of existing-home sales from last month.
All metrics are up except inventory, which is certainly a result of strong demand and seasonality. 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 $165,000, a 8.2 percent increase when compared to July 2017.
Other statewide year-over-year comparisons (July 2018 vs. July 2017) show:
- The number of pending home sales increased 13.4% to 8,853
- Average sales price of homes increased 7.1% to $196,087
- The number of new listings increased 5.9% to 11,070
“We could summarize most Indiana housing markets with two words - low inventory,” said 2018 IAR President John De Souza of South Bend. “Low inventory has made the competition for new homes fierce, thus pushing prices to record levels. Conditions won't change until the pace of new construction picks up. Of course, robust employment and wage growth are key to healthy markets, as well since they fuel demand. We look to policy makers to remain supportive on those fronts.”