October Home Sales Slow, Pending Activity and New Listings Rise
The expected slowing of home sales came in with the fall chill in central Indiana as closed sales activity decreased 1.2 percent in October compared to the same month last year. On a high note, closed sales rose 1.1 percent in the three months ending in October compared to the same time period a year ago.
Pending sales increased 6.2 percent in the monthly comparison. In the quarter ending in October, pending sales rose 8.4 percent. Pending sales are a great indicator of future sales. Pending means a sales agreement has been signed by the property has not sold. Most pending transaction go through meaning nearly all the pending sales in October will be a closed transaction in November and December.
Prices rose to a slower degree than previously in the year. The average sales price fell just 0.2 percent in October and rose 2.7 percent in the three-month review. Median sales price rose 1.5 percent in October and 3.3 percent for the quarter ending in October.
Brown, Hancock, Johnson, Marion and Montgomery counties all outperformed the region as a whole in increased closed sales activity. Hamilton, Hancock, Hendricks, Johnson, Marion and Morgan counties outpaced the region in sale price increases in October.
REALTORS® and consumers will be keeping a watchful eye on a possible Federal Reserve rate increase in December which could raise interest rate. Some buyers and sellers might jump in the market soon to beat it.