Quick Links
Follow us on:
 |
 |
 |
 |
 |
 |
Subscribe to News & Housing RSS
| Indianapolis housing market shows signs of improvement during 1Q11 |
| Latest News |
|
Metrostudy Report - (Indianapolis, IN – May 1, 2011) Job market, affordability, and low inventories show positive signs during 1Q11, although we should remain cautiously optimistic, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market. The unemployment rate in Indianapolis currently stands at 8.5%. For the twelve-month period ending in February of 2011, the market saw an increase of approximately 6.400 jobs. “Even with the addition of jobs this year, unemployment remains high, nearly double the levels experienced throughout much of the last decade,” said Chris Huecksteadt, director of Metrostudy’s Indianapolis division. “Nevertheless, an improving economy should provide the housing market with potential home buyers over the next twelve to eighteen months.”Indianapolis remains one of the more (most) affordable housing markets in the country. With a new home median price of approximately $250,000 and the resale market median of $150,000, these figures are well below comparable product prices in other metropolitan areas. “Affordable markets should fare better than pricier housing markets,” said Huecksteadt. With the annual rate of new home closings holding in the 3,300 to 3,500 unit range for the past eighteen months, the months supply of new home inventory has continued to decline to a current level of 2.9-months. Finished vacant inventory is at 855, half of what it was three and a half years ago. 778 new units were started in 1Q11, a decline of 4.1% compared to a year prior. “The forecast of 3,500 to 3,800 new home starts in the Indianapolis market represents an estimated 25% increase over 2010, a healthy growth rate percentage wise, but well below historical norms in the Indianapolis region,” said Huecksteadt. “There is still a long way to go before the economy can be pronounced healthy.” “It will be the health of the job market which will determine whether the growth in housing is to be maintained in 2011,” said Huecksteadt. About Metrostudy Contact: |
