Mid-Summer results are in.  All Indianapolis area indicators are up.  First-time buyers are still making a huge impact and will most likely continue as interest rates are still very attractive.  As reported by the Indianapolis Business Journal Real Estate Weekly, the average rate for 30-year mortgages fell from 4.10 to 4.04 for the week ending Aug. 12. The rate for 15-year mortgages fell from 3.28 to 3.26 percent.  

Recent housing data released by MIBOR shows continued increases in pending sales, closed sales and pricing. Pending sales increased 10.6 percent in the monthly comparison of July 2015 to the same period last year. In the quarter ending in July, pending sales rose 9.3 percent. Closed sales increased by 14.1 percent in July and by 12.0 percent in the three-month review. The key indicator of new listings fell 5.0 percent in July after an increase the month before.

Sale prices also saw increases in both the one- and three-month reviews. The average sales price increased by 6.6 percent in July and 5.3 percent in the three-month review. Median sales price had an equal jump of 6.9 percent in July and, coincidentally a 6.9 percent increase for the three months ending in July.


Randy Worrell

RE/MAX Legends Group