Lower mortgage rates, slowing price growth and rising inventory combined to bring new buyers to the Hoosier State’s housing market in September, according to the latest data from the Indiana Association of Realtors (IAR).
Closed sales totaled 6,705 last month, up 1% year-over-year, while the 6,657 pended sales represented a 6% year-over-year uptick. 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 statewide median price of $260,000, up 5% from year earlier but down from the June peak of $273,000. IAR noted that nearly half (47%) of all available homes in Indiana through September had a price drop since listing.
“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.”
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