As 2012 comes to close, November housing data gives buyers and sellers reason to cheer with another encouraging month of robust activity. According to the MIBOR Monthly Indicators Report released today, the number of closed sales in central Indiana increased 25.4 percent in the three months ending in November 2012 when compared to the same three-month period last year. In November alone, closed sales increased by 34.5 percent.
Pending sales increased by 20.9 percent in the three months ending in November and 19.9 percent in the one-month comparison. The average sales price of homes decreased slightly by 0.5 percent to $159,017 in the three-month comparison and increased 0.5 percent to $159,235 in the November-only comparison. Median sales prices rose 1.8 percent to $127,100 in the three-month comparison and 5 percent in the one-month comparison to $126,000.
Perhaps the best indicator of continued housing stability is the balance of inventory. In November, months supply of inventory dropped to 6.2 months, a 27.1 percent decrease over last November's 8.5 months.