Photo: Sean Dreilinger (flickr)
Home prices increased 12.2 percent nationwide in the last year, according to a report released this week, while prices in Indiana have remained more moderate.
Indiana home prices have only increased 3.4 percent in the past 12 months, according to a report from CoreLogic, a data analytics company for the real estate industry.
But Indiana Business Research Center analyst Matt Kinghorn says Indiana’s home prices are not rising as much as those in other states because they never dropped as much during the recession.
“Prices in Indiana have been far less volatile than they have been around the country for quite a while now,” he says.
Home prices fell more than 20 percent since their peak in 2007, whereas Indiana’s prices only dropped 9 percent.
The one way Indiana matches the national trend is that home prices are rising. RE/MAX realtor Susan Graves says the positive outlook, combined with low interest rates is a good sign for buyers.
“As far as the Indiana buyer today, the rates have gone up just slightly and it’s an excellent time to consider if they want to buy up with the rates still as low as they are,” she says.