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INDIANAPOLIS – It appears to be a “seller’s market” when it comes to houses across central Indiana, says a local non-profit agency that oversees the real estate industry.

 

According to the MIBOR Realtor Association based out of Indianapolis, the average sales price for houses in a 15-county area in central Indiana have gone up $25,000 over the past two years.

 

A listener named “Joe” called in and told 93 WIBC’s Tony Katz and said he made a lot of money in a short amount of time on the recent sale of his home.

 

“In March of [2014&#93, I purchased a house for $130,000, put another $20,000 into it and last Friday I closed on it for [$269,000&#93,” according to Joe, who says he was concerned that the housing market may soon crash.

 

“I told my wife this can’t keep going.  It may not go like it did in [2008&#93, but something’s got to pop,” says Joe.

 

The MIBOR Realtor Association also says that home prices across the country on average are up six percent over the past 12 months, while the average household income is up less than three percent over the same time period.  MIBOR says “That kind of gap will eventually create fewer sales due to affordability concerns, which is happening in several markets, especially in the middle to high-middle price ranges.”

 

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