Fed continues to buy 40 billion a month in mortgage backed securities and keep interest rates at record lows. That news should give buyers the confidence to come out and buy now. I am not the only one who has noticed a real slow down in the number of showings on listings. Especailly in the first time buyer price range. Those would certainly be the buyers more likely to hold off on purchasing due to the rates jumping up. Realistically rates are still at record lows and this is a great time to buy.
Local Market Review: Strong Activity Continues, Second Month Surge in New Listings Delights Buyers
The May 2013 housing data released by MIBOR today shows a continuing increase in closed and pending sales in central Indiana. According to the MIBOR Monthly Indicators Report, the number of closed sales in central Indiana increased 23.7 percent in the three months ending in May 2013 compared to the same period of 2012. Closed sales rose a dramatic 30.6 percent in in May alone when compared to May of last year. Pending sales are keeping up by increasing by 24.1 percent for the month of May and 18.9 percent in the quarterly comparison. The much-watched new listings number jumped for the second month in a row. New listings increased by 15.6 percent in May and 5.6 percent for the three months ending in May.
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