Total sales volume across our core Midwest markets was low in the second quarter, which is typical while operators are in the field. Summit assessed more than 16,000 acres over the quarter.
The Federal Reserve’s rate path took an unexpected turn this cycle. At its September 16 meeting, the Fed raised its benchmark rate a quarter point to a range of 3.75% to 4.00%, citing inflation that remains elevated. Updated projections point to another increase later this year and one more in 2027 — a different backdrop for land values than a year ago. The Iowa Realtors Land Institute releases its biannual land value survey at the end of September; those findings will appear in the November post-harvest newsletter.