Despite large reductions of listing inventory across most of the country, buyer demand remains high through the first three quarters of 2017.  Mortgage rates have remained enticingly low and home prices continue to rise.

Here in Central Indiana, closed sale were up 0.9 percent in September compared to September 2016.  Pending Sales increased by 4.1 percent to 2,805, and New Listings dropped 0.9 percent.

Median Sales Price was up 3.2 percent to $164,992, while the Average Sales Price rose 0.7 percent in September.  The Absorption Rate was down 15.8 percent to 3.2 months of inventory.

Last year at this time, the national story line was about how high demand was propping up sales and prices despite low inventory and months supply of homes.  This continues to be the case for 2017.