INDIANAPOLIS, Oct. 10, 2024 /PRNewswire/ — September closed and pending home sales finished ahead of 2023 as lower mortgage rates, slowing price growth and rising inventory drew new buyers to the market, according to the latest data from the Indiana Association of REALTORS® (IAR).
Closed sales were 1% above September 2023 at 6,705 while pending sales (6,657) were up 6% year-over-year. Homes took 15 days to go under pending contract in September, up from 13 days in August and 10 days in September 2023.
Homes sold for a September statewide median price of $260,000, down from a June peak of $273,000 and 5% above 2023.
“Mortgage rates are at a twenty-month low and the number of homes for sale in Indiana is near a five-year high,” noted IAR president Jennifer Parham, managing broker of Lighthouse Realty of Northwest Indiana. “But we haven’t seen a sudden rebound – part of that is the traditional slowdown after Labor Day, but it’s also natural for buyers to be cautious.”
A slower sales pace helped push housing inventory closer to pre-pandemic levels with 14,763 homes for sale on an average day in September.
With more homes on the market and buyers slower to react to lower rates, sellers are reducing prices to attract attention: 47% of all available homes in Indiana through September had a price drop since listing.
“We’ve seen a more balanced market all summer, and one buyer’s decision to wait is another buyer’s opportunity for a bargain,” Parham said.
Home sales grew year-over-year in 54 of Indiana’s 92 counties, and buyers were greeted with more average available listings across 75 counties.
“Across much of Indiana, homebuyers have more options and less competition – but we see more Hoosiers fully committing to finding a first or next home if we head into 2025 with continued progress on interest rates and inflation,” Parham said.
“The market can change quickly and knowledge is power,” she finished. “Now’s the time to consult a professional about your local market if buying or selling a home is part of your future plans.”
SOURCE Indiana Association of REALTORS
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