Seasonal Cool Down Milder Than Normal
(INDIANAPOLIS, IN) –After 10 consecutive months of besting last year, October closed sales slipped narrowly by just 12 homes statewide. This is according to the most recent Indiana Real Estate Markets Report today released by the state’s REALTORS®. Other year-over-year findings from the report show, when comparing October 2015 to October 2014:
- The number of pending home sales increased 2.9% to 6,320
- The percent of original list price received increased .3% to 94.2%
- Average days on market through October was 105 days
- The number of new listings increased 0.6% to 9,106
“Modest market growth is normal for this time of year,” said Brownsburg’s Bruce Bright, 2015 President of the Indiana Association of REALTORS®. “But actually, the seasonal cool down has been milder than years past. Interest rate hikes are widely expected before the year ends, and buyers want their slice of market pie before that happens.”
After skipping rate increases twice this fall, the Federal Reserve will meet in December for the final time in 2015. Word within the industry is any rate increase would be marginal.
IAR represents approximately 15,000 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange, or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of America’s largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.