Improving Housing Market Reflects Improving Economy
The housing industry is providing another sign that the economy is getting better.
The Metropolitan Indianapolis Board of Realtors (MIBOR) reports it is seeing more applicants for realtor memberships. MIBOR President Debbie Morris notes a slowing trend among the number of real estate professionals leaving the industry. She says their current number of realtor members, roughly 5,572, is down 13.8% from five years ago. That's when the economic downturn took hold. That trend mimics the drop in closed real estate transactions that started at the end of 2007.
However, Morris notes a major slowing in the downward trend this year. She says the group is seeing more applicants and their membership classes are filling up. She says that seems to be an indicator of an improving market. She says the number of closed sales were up more than 30% in October 2012 compared to October 2011 and up 18% for the three months ending in October. MIBOR predict overall closed sales will end the year up about 15%.
ReMax realtor Carol Liszak has been in the business for more than 25 years. She says a lot of realtors left the industry during the recession. Liszak says she was fortunate because she had a deep client base that included families. She says things have been getting better this year and more people are joining her office in Carmel. She says she believes the economy is indeed getting better. Liszak says the period between Thanksgiving and Christmas is normally slow, but she's been very busy. Liszak says she sold four houses herself last week.