(INDIANAPOLIS, IN) – The Indiana Association of REALTORS® (IAR) today released its monthly “Indiana Real Estate Markets Report” as a continuation of its “Indiana is Home” project. Statewide, when comparing September 2010 to September 2009:
The average sale price of homes increased 1.3 percent to $130,823;
- The median sale price of homes decreased 2.7 percent to $109,000;
- The number of closed sales decreased 17.6 percent to 4,685; and
- The number of pending sales decreased 21.3 percent to 4,740.
Karl Berron, Chief Executive Officer, reminded consumers and members of the media alike that activity was uniquely strong last year at this time due to the approaching deadline of the federal homebuyer tax credit, which was later extended to April 30, 2010.
“It bears repeating from last month that nationally, the real estate market is adjusting after the expiration of the federal tax credit,” said Berron. “Year-over-year comparisons are distorted, especially those of pending and closed sales. It will be months until we’re again comparing apples to apples, at which time we’ll be able to fully assess the impact of the tax credit.
“Reviewing housing data in the long-term is a more healthy way to study the market and when you consider the extraordinary circumstances of the last couple of years, we should widen the lens even more,” continued Berron. “The fact remains that the market we’re currently in – both statewide and in most localities – has many advantages, more supply, historic low interest rates and less buyer competition.”
Berron said that REALTORS® are watching two metrics carefully, that of months supply of inventory and the number of new listings.
“If homes aren’t selling, but listings remain fairly flat or increase, inventory will climb and prices may adjust downward,” warned Berron. “Balanced supply and demand, as always, is the ultimate goal.”
Full article available at:indianaishome.com
Indianapolis Real Estate
No comments:
Post a Comment