August 2019

The housing market is one of the largest and most important sectors of the U.S. economy. To understand the trends within the market one must analyze activity both month-over-month and year-over-year. In this new Market Insights Report, MIBOR REALTOR® Association (MIBOR) provides a market analysis of the 16 central Indiana counties within the MIBOR service area by creating a single, timely, reliable source of data.

To create a comprehensive view of the market, small changes have been made to the Market Insights Report that will affect the yearover-year analysis over the next 12 months. In prior reports, data for the MIBOR Broker Listing Cooperative® (BLC®) listing service was pulled on the 12th business day for the prior month's data. After analyzing data input, MIBOR has updated the data pull to happen between the 5th and 7th day of the month for the prior month, allowing market data to be published much sooner. Additionally, in the new report MIBOR has separated townhouse/condo inventory and properties for lease from the aggregated totals. Separating other segments from the report will add clarity to the data as the single family residential segment is typically the focus. Finally, in March 2019, MIBOR added historical and current data from Jackson County as we welcomed them as members of our BLC® listing service.

"Typical to what we have seen for the last several months, all supply and demand interaction metrics remain very high while inventory continues to decline," said Shelley Specchio, MIBOR CEO. "However, sales activity in the region continues to climb giving us hope for the winter months ahead."

Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker, commented, "Nationally, despite record prices, buyers remain eager to purchase, partly because both unemployment and mortgage rates are low. Demand, as measured by sales and pending sales, remains strong."

Year over year data for August:

• Median sales price increased 9.9 percent to $199,000

• Average days on market unchanged at 38

• Current active listings decreased to 6,273