Inventory of homes continues to tighten

The November sales numbers for Central Indiana have been tallied, and the verdict is the inventory of homes available is tightening as we head into the winter months.

 

Sales were up in November, 4% over last November and 9% for the most recent 12 months over the previous.  (That’s good news.)  But… new listings have not kept pace, leaving just a 4.4 month supply of homes available for every sale taking place. That number is down 12% from a year ago, reflecting the smaller number of homes available for each buyer to choose from.   Those trends have combined to force the median average sales price up to $145,000 (up 6% from last November).  That’s all good news for those thinking about selling.

Meanwhile, mortgage rates are near 4%, a number unheard of for all but the last several years of Federal Reserve tampering.  And those 4% interest rates make for monthly payments almost half of what they would’ve been during most of the second half of the 20th Century (for the same amount borrowed).

Want to see how all those numbers add up for your personal situation?  Ez, call me.

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