IMPORTANT:   As you may have heard, real estate sales have been way up, inventory of homes on the market has been rather low and interest rates are starting to increase.  It does depend on the areas, but the recent sales are very exciting.

The May 2013 housing date released by MIBOR shows a continuing increase in closed and pending sales in central Indiana.  According to the MIBOR Monthly Indicators Report, the number of closed sales in central Indiana increased 23.7 percent in the three months ending in May 2013 compared to the same period in 2012.  Closed sales rose a dramatic 30.6 percent in May alone when compared to May of last year.  Pending sales are keeping up by increasing by 24.1 percent for the month of May and 18.9 percent in the quarterly comparison.  The much-watched new listings number jumped for the second month in a row.  New listings increased by 15.6 percent in May and 5.6 percent for the three months ending in May.

Interest rates are bouncing around in the lower 4 percent area.  These are still amazing times for interest rates.  Sales prices are also improving in many areas.  Prices performed better with median sales prices up 2.3 percent for the quarter, and up 4.2 percent for the month of May.  Average sales price was a bit stronger still; 4.5 percent in May and 3.0 percent for the quarter ending in May.  Consistent with last month’s news, months of inventory stands at 5.6 months.