Federal Reserve Sends Strong Signal to Buyers with Unchanged Rates
(INDIANAPOLIS, IN) – Indiana REALTORS® today released statewide housing data that indicates an upswing in sales, prices and new listings.
According to the latest Indiana Real Estate Markets Report, August 2015 surpassed August 2014 across the board:
- The number of pending home sales increased 7% to 7,371
- The percent of original list price received increased .7% to 94.8%
- Average 98 days on market through August
- The number of new listings increased 2.7% to 10,606
“The continuation of the Federal Reserve’s low-rate policy means mortgage rates will remain attractive to buyers,” said Bruce Bright, 2015 President of the Indiana Association of REALTORS®. “By keeping these loan rates down, another surge in home sales and new construction could be likely. More homebuilding can counteract the reductions in home inventories seen across the state.
“A fundamentally sound real estate market is essential to a healthy economy,” continued Bright. “If interest rates stay low and the job market—particularly wages—remains strong, favorable market conditions should continue into the winter months.”
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.