Indiana Housing Market

[br] Though in the month of September small home sells rose by 5.27 percent, which showed some ray of hope, it was thrashed immediately as the sales pace dropped by 14.18 percent from the previous year. Indiana Housing Market experienced a total existing home (condominiums, single homes etc) sales dipped by 1.88 percent in September than in August which had seasonally adjusted the yearly rate to 6.17 million unit from 6.30 million unit level in August.

[br] Though in the month of September small home sells rose by 5.27 percent, which showed some ray of hope, it was thrashed immediately as the sales pace dropped by 14.18 percent from the previous year. Indiana Housing Market experienced a total existing home (condominiums, single homes etc) sales dipped by 1.88 percent in September than in August which had seasonally adjusted the yearly rate to 6.17 million unit from 6.30 million unit level in August. This was 14.23 percent lower than what the month of September 2005 experienced, which was incidentally the third strongest month on record.

The median home price in September 2006 was around $217,000 for new homes which was nearly 10 percent lower than what it was the earlier year. The price of the existing homes also fell considerably. The supply of houses in the Indiana Housing Market is at its high in the last 13 years though this rate is coming down now and seems to be bottoming with low home prices. The decline in the mortgage rate is helping the trend to reverse and the homebuyer’s demand is also fulfilled with the decreasing rate of energy prices.

[br] Sales for new homes are predicted to go down by 17.26 percent to 1.1 million, on record, the fourth highest year. Housing in the Indiana Housing Market is expected to go down by 10.79 percent (1.85 million) in 2006. A stable fourth quarter for Indiana Housing Market is predicted for existing home sales and sales for all home is expected to drop by 8.87 percent to 6.45 million units still the third strongest year after the booming 2004 and 2005.

In 2006 existing home sales in the Indiana Housing Market are expected to finish at about 6.5 million a little more than what it was in the year 2005. For 2007, it is predicted that this number would remain little under 6.5 million. According to some economists the softening of Indiana Housing Market will continue but the decreasing rate will slow down to some extent.