Sept 2019 vs 2018
Northwest Indiana Home Sales and Values
WOW! So, the truth in everything I have been saying for years is coming to light. Years ago, I said that low interest rates were a band aid fix to a bigger issue and if the rates go up home sales will slow. With that being said! In January rates were about 5.5% to almost 6%. In June/July the Rates were under 4% and have stayed there roughly at the 3.5%-3.875% range now.
So, FOR THE FIRST TIME since Late the 3rd quarter in 2018 Home Sales in Sept of 2019 were up 4.18% compared to Sept of 2018. See, your Sept closings are deals that originated in July and August. The price per square foot average was also up 5.52% in Sept of 19 compared to Sept of 18. Another big increase which is good for sellers just not really buyers is that 20.05% more homes SOLD within the first 30 days of being on the market.
The market is doing extremely well, and I personally think it will continue in this direction if the rates remain low. Mainly it makes homes more affordable. On the bad side, we have many buyers and a lack of inventory which means lower rates will ultimately INCREASE Home Values as more buyers are brought into a specific pool.