Are Home Sales Declining?

In the past few days, I’ve had 6 or 7 people tell me they heard home sales have been declining for the past six months. It appears this is gospel and spreading like wildfire. But whoa! Just a minute there pilgrim…

#1 That message was likely a replay of the National Association of Realtors’ monthly press release. It was for the nation as a whole.
#2 But, real estate doesn’t trade on the NASDAQ or NY Stock Exchange. Real estate is a local market. So, paying attention to national real estate numbers is of limited value. Paying attention to what is happening here in your own backyard is of far greater importance.
#3 And that is (🥁🥁🥁) Sales here in Central Indiana have been running ahead of a year ago and are up 3% for the 12 months just ended. Yes, they were down in September from September 2017 by 3%, but since that is the only recent month where that has occurred we’ll have to wait to see if that is the start of a trend or just a one off. Median sale prices in September were up 9% over a year ago. And despite an increase in new listings, the available inventory per buyer was down 16% from a year ago. So for now anyway, here in Indiana we’re seeing increasing sales and prices, and with tightening inventory selection.

So when you want a local perspective, give me a call at (317) 625-0655.
Until next time, make it a good one! – Bob