Housing in central Indiana over the last six months has seen growth in a lot of key indicators but it has continued to move slower than the month over month movement we saw in 2013. Central Indiana has all of the right ingredients including a diversity of housing stock and prices. Builders are active again for the first time in a few years and that adds new product to our market every month.
New Listings in central Indiana increased 6.5 percent in June and 2.1 percent in the last quarter. Months of Inventory decreased 0.1 percent percent in June to place the current availability of properties at 5.6 months. Pending and Closed Sales were down 2.5 and 1.4 percent respectively in June.
Prices forged onward. Median Sales Price for the quarter ending in May grew 3.9 percent to $142,900 compared to the same quarter last year. Average Sales Price grew 4.9 percent for the quarter ending in June 2014 compared to 2013.
Housing experts say sales are inching up, price growth is becoming more sustainable and housing inventory is increasing slowly. The market continues to stabilize overall, but a need for more people participating on both the buyer and the seller side is evident.