Carpenter Realtors’ Report shows a slight improvement in Indiana housing

In the spring of 2010, the second of two Federal Tax Credits for home purchases ended. During the spring of 2011, the lingering impact was still with us.

Carpenter Realtors® has just published the latest Carpenter Reports, a quarterly review of central Indiana’s real estate market, covering home sales, prices, price per square foot and pended sales. As we track these statistics we see the tax credit’s impact in year-over-year comparisons. But don’t be fooled by comparing today’s housing data against the distortion caused by the Tax Credit. The current housing trends are positive and the local real estate market is improving.

In Carpenter Reports we see the signs: listing Inventory continues to decline and the trending numbers in pendings and sale prices during the second quarter of 2011 are positive, off very low levels throughout the second half of 2010 and early 2011.

The national and local economy continues to improve, albeit very slowly. That slow improvement will transfer to the housing market. With consumer confidence a critical element in home sales, the combination of Japan’s earthquake and tsunami, along with the dysfunction of our government in Washington and its seeming inability to address our fiscal challenges was challenging. In April, consumer confidence showed slight improvement but suffered setbacks in May, June and July. As consumer confidence struggles to gain footing so too will the residential real estate market.

I have faith we’ll continue to see a gradual improvement in the local economy, in consumer confidence and in our real estate market. There will undoubtedly be bumps in the road but the improvement should be relatively steady going forward.


Posted by: David Caveness

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