Housing Market Bouncing Back

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What could be a strong indication of a statewide housing recovery begins this week. The Builders Association of Greater Indianapolis is bringing back Home-A-Rama to highlight the newest features in home construction. The event started in 1971 but organizers pulled the plug in 2008 as the economy tanked. It comes as home sales in Indiana continue to post healthy gains. Gradison Design Build President Mark Gradison and Real Estate Broker Greg Cooper discussed the improving market during an appearance on Inside INdiana Business Television. Cooper says the state's housing market remains deeply seasonal. Lower interest rates earlier this year pushed demand higher, especially from mid-April to mid-June.

He says rates have increased since then and the overall market has become more moderate, but believes its a good sign that the balance for sellers and buyers appears to have returned.

The Indiana Association of Realtors reports a 13 percent increase in home sales in August, compared to the previous year. The median sale prices, number of pending home sales and number of new listings also increased.

BAGI's Home-A-Rama is being held for three weekends, starting Saturday, at the Village of West Clay in Carmel. You can view more details by clicking here.

Gradison says home builders that survived the economic slump feel very positive about the current market. He also believes many people who decide to build their new homes are being more practical. Instead of opting for a big house "for the sake of a big house" many are leaning toward less square footage, with more responsible floor plans.

Source: Inside INdiana Business, Indiana Association of Realtors, Builders Association of Greater Indianapolis