Indiana home sales see year-over-year growth in September; new listings drop
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A new report from the Indiana Association of Realtors shows new home sales in September rose slightly compared to the same month last year. A total of 6,705 sales were reported statewide, though that number is down 5% compared to August.
IAR President Jennifer Parham noted that homebuyers remain apprehensive despite positive trends in the market.
“Mortgage rates are at a twenty-month low and the number of homes for sale in Indiana is near a five-year high,” Parham said in a news release. “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.”
New listings last month totaled 8,271, which is a 3% drop from September 2023 and an 11% drop from August. However, the IAR said new listings continue to run about 3% ahead of 2023 year-to-date.
The association said with more homes on the market and buyers slower to react to lower rates, sellers are reducing prices to attract attention. Nearly half of all available homes in Indiana through September saw a price drop since listing.
“Across much of Indiana, homebuyers have more options and less competition—but we see more Hoosiers fully committing to finding a first or next home if we head into 2025 with continued progress on interest rates and inflation,” Parham said.
The South Bend metropolitan area continued to see the biggest year-over-year jump in home closings last month with 19% (300 closings), while Columbus and southeastern Indiana seeing 18% growth in sales.
You can connect to the full September Housing Report from the Indiana Association of Realtors by clicking here.