The central Indiana housing market – like across much of the nation – is being predictable, and that's a good thing. At the beginning of the year, it was anticipated that the prevailing trends of the past year would continue into and through 2016, and that has largely been the case. The number of homes for sale has generally remained lower compared to a year ago, and prices have been steadily rising in desirable communities where homes show well.

New Listings in central Indiana decreased 3.8 percent after rising last month which contributes to tight inventory and a highly competitive market. Pending Sales were up 5.4 percent and the Closed Sales
increase was double digits – 12.4 percent more homes sold in April 2016 than in April 2015. Inventory levels fell 10.4 percent to 10,809 units.

Prices continued to gain traction, albeit at a slower pace than in previous months. The Median Sales Price increased 1.4 percent to $150,000 in April. Average Sales Price rose 1.0 percent year over year. Sellers continue to be in the driver’s seat as inventory stands almost even to last month at 3.9 months.

There have been no striking changes to curtail what should be a good run of home sales over the next several months. Mortgage rates have remained low, the unemployment rate has remained at or near 5.0
percent for eight straight months and wages have increased for a great many people.