According to the Federal Reserve Bank of Atlanta, “homeownership affordability” in the 11-county Indianapolis metro area declined by 13% between January and August of this year (see Figure 2). Of course, such price gains will push homeownership out of the reach of many Hoosiers, at least for the time being. Figure 1: Indiana house price index, second quarter year-over-year change The greatest spikes have occurred out west, with Idaho’s house prices up 35% over this same period, followed by Utah and Arizona with each posting increases above 25%. The state’s rate of appreciation in the second quarter ranks only 20th nationally. Surging prices are not unique to Indiana, however. Census Bureau and the Mortgage Bankers AssociationĪs Figure 1 shows, Indiana’s annual rate of house price appreciation for the second quarter of 2021 was more than twice as large as the previous high set just the year before, and more than three-times as large as any annual increase seen before this recent run-up in prices. Sources: Indiana Association of Realtors, National Association of Realtors, Federal Housing Finance Agency, U.S. Months supply of inventory, September 2021

Multifamily building permits (number of units), September 2021 year-to-date, year-over-year change Single-family building permits, September 2021 year-to-date, year-over-year change House price appreciation, 2020 Q2 to 2021 Q2 Existing home sales, September 2021 year-to-date, year-over-year change

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