July 2011 showed progress. June had an increase in pendings that translated into closings in July - AND the total number of closings and the median sales price are both up. July pending numbers are up also making it the third consecutive increase - so hopefully that will translate into increased closings in August. These figures compare July of 2011 to July of 2010: # of Closed sales up 23.9% and Median Sales price up 4.3%.
When you do YTD (year to date) comparisons, the story changes a bit. BUT you have to remember the impact of the federal home buyer tax credit of 2010. When you compare 2010 YTD to 2011 YTD is shows a 10% decline in pendings and no change to the Median Sales price.
Until the impact of the of the tax credit recedes and the overall economy improves, optimism will be tempered and comparisons will be distorted. It is important to remember that the closing deadline for the tax credit was extended to September 30, 2010 - so the soonest an honest year to year comparison can be made will be October of 2012.
For the next year it is MOST important to pay attention to history. What you'll see is that housing in Indiana has been an overall stable investment. We haven't experienced the same intense rollercoaster ride as some other states.
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