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The Indiana housing market continues to be marked by a dramatic imbalance between strong demand and scant supply. Hoosiers purchased a record number of existing homes in 2017, with total sales up 2.4 percent over the previous year (see Table 1). Meanwhile, the average monthly inventory of homes on the market in 2017 was nearly 14 percent lower than in 2016 (which itself was down 15 percent over the previous year). These tight market conditions are fueling a surge in home prices. Existing house prices in Indiana were up 6.6 percent year over year at the end of 2017 the states largest annual increase on record dating back to 1991. While a boon to those looking to sell their homes, rising prices coupled with declining rental vacancy rates and the expectation of rising mortgage interest rates could begin to impact housing affordability for some in the state. 
Not surprisingly, rising prices and short supply have paved the way for a relatively strong increase in new construction. The number of new residential building permits issued in Indiana increased nearly 16 percent in 2017. While this marks a significant improvement, residential construction remains slow by historic standards. The number of permits issued for new single-family homes last year, for instance, is still only half as large as the average annual number of permits issued between 1998 and 2005. By most measures, however, the Indiana housing market has shown great improvement in recent years, but there remain areas for improvement. The state will likely have to see continued progress in its economic and demographic fundamentals for the market to receive a clean bill of health. This report examines the latest data to gauge the state of the Indiana housing market. The first section presents a detailed overview of market conditions with a focus on home sales and prices, mortgage delinquency and foreclosure, and affordability. The next section examines the demographic drivers of the housing market, including household formation rates, migration and generational shifts in the population. Finally, we consider the role of housing in the Indiana economy with a look at construction trends. 
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Do You Know Someone Looking To Buy or Sell? |
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It is a common misconception that a real estate agent primarily learns of someone looking to buy or sell a home when someone simply calls an agency looking for an agent to help them. Although this can happen, it is very rare. In fact, over 80% of the referrals I receive come from past clients and past coworkers just like you. The other 15-20% of referrals comes from our national network of relocation companies and other Coldwell Banker agencies across the country. The greatest compliment I can receive is when someone like you refers me to a friend, coworker or family member of theirs. If you, or someone you know, are looking to either buy or sell a home then I would certainly appreciate the opportunity to earn your business. Do you know of someone looking to buy or sell a home?  |
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Contact Brad Gough |
Bradley Thomas Gough Associate Broker  12401 Old Meridian Street Carmel, In 46032 Email brad@btgough.com Mobile (317) 590-3571 Office (317) 844-1131 Website www.btgough.com      |
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Charities Supported |
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There are so many great charities out there that and it is very hard to decide what to donate to. My wife Elissa and I have been very fortunate and have a good life. We simply can't donate to everything, however, we are very passionate about several different causes. We are sustaining members for the following organizations and encourage each of you to donate in any way you can to a cause that you are passionate about too. 
The American Society for the Prevention of Cruelty to Animals 
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