As we delve into a new year, central Indiana is seeing positive signs.
Uncharacteristically warm weather, continued low rates and ample inventory
combined for a good kind of “perfect storm” resulting in the strongest January in
years. A strong showing in the rolling three- and six-month data adds to the
New Listings in central Indiana decreased 14.7 percent for the three months ending
in January and shrank 8.8 percent in January only data. Pending Sales were up 13.1
in the three-month view and up 18.3 percent in January alone. Months Supply of
Inventory was down 12.8 percent to 7.6 months in January. Closed Sales were
equally strong with Units Sold up 15.4 for the quarter ending in January and an
impressive 28 percent in January alone.
Home prices began the year on an up note. The Median Sales Price increased 4.7
percent to $116,213 in January and nearly even up 0.3 percent for the three months
ending in January.
U.S. economic data has been encouraging. The unemployment rate flirted with a 3-
year low. Mortgage rates posted yet another fresh new record low. The missing
puzzle piece is still jobs. Improvements in the labor market will spur housing
demand through new household formations, improve family financials and galvanize
consumer confidence to push the positive start into a full-scale trend.
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