Home sales are up in Central Indiana, and new actions by the Federal Reserve look to keep the upward trend going.
According to the F.C. Tucker Company, year to date home sales are up 14.3 percent in Central Indiana compared to the same period last year.
The brisk market also means there are fewer houses for sale. All nine area counties have seen a decrease in the number of homes listed.
"It's really, really competitive out there and when you find something,” said Amber Andres, who recently purchased her first home with her husband Vic Andres, “it's kind of like, you've got to make an offer and I think we made three or four before we found this place."
Anthony said the local housing market has benefitted from a low cost of living, which is now magnified by federal efforts to make borrowing affordable.
"Because interest rates are low, it's just this perfect combination that allows people to get into a home,” Anthony said. "In other parts of the country where the cost of living is higher, they might not have that opportunity."
On Thursday, the Federal Reserve once again stepped in, committing to buy another $40 billion a month in mortgage backed securities, which should continue to help the upward housing trend.
"It looks like for the foreseeable future the interest rates are going to stay low," Anthony said.
Even though the Andres have locked in their rate, it's news they are happy to hear.
"It will be even better if we're, later on down the road, trying to sell and upgrade to another house for our second home," Vic Andres said.
"We're starting the American dream right now,” Amber Andres said. “We got the house, we got the dog, we're going to college, working the full-time job, going to hold off on the babies; but we're starting to live there and it's actually starting to feel like it's all coming together finally."
Five of nine Central Indiana counties reported an increase in homes sales during August of this year compared to the same month last year. The improvement isn’t limited to the Indianapolis metro area. Madison County posted an increase of more than 57 percent, the biggest jump in the region.
New action by Feds expected to help local housing market even more