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Existing home sales, prices rise amid tightening inventory

July 26, 2016

Existing-home sales in central Indiana increased 5.4 percent in June as average sale prices continued to rise and inventory continued to shrink.

In the 13-county area, closed home sales grew from 3,697 in June 2015 to 3,898 in June of this year, according to data released Tuesday by MIBOR Realtor Association.

The average home sale price over that period rose 5 percent, from $194,259 to $203,913.

The number of homes newly listed in June declined 1 percent from the same month in 2015, falling from 4,648 to 4,603. The total number of active listings was down 13.3 percent, from 12,857 a year ago to 11,150 at the end of last month.

Pending sales—agreements signed but not yet closed—rose 8.1 percent in June from the same month in 2015, from 3,697 to 3,898. Pending sales are often considered a more current indication of market activity than closed sales.

In Marion County—typically the most active market in central Indiana—closed sales rose 3.5 percent in June from the same month in 2015, from 1,432 to 1,482. The average sale price rose 1.5 percent, from $128,090 to $130,000.

In Hamilton County, closed sales increased 4.4 percent, from 815 to 851, while average sale prices rose 5 percent, from $238,950 to $251,000.

In Hendricks County, sales rose 9.7 percent, to 373, while average price increased 5 percent, to $180,000.

Johnson County saw a 10 percent jump in closings, to 330, and the average price rose 2.5 percent, to $162,000.

In Boone County, average sale prices jumped 11.6 percent, to $250,000. Closings were up by one home, to 145.

Madison County saw sales drop 25 percent, to 129, and average prices fall 4.2 percent, to $86,200.

A dozen single-family homes priced at $1 million or more changed hands in the area in June, up from 10 a year ago.

Home priced in the $175,000-to-$200,000 range are becoming more in more difficult to find in the area. Active listings in that category dropped from 1,714 in June 2015 to 671 last month.

Meanwhile, listings in the $200,000-to-$350,000 range jumped from 1,291 to 2,117, a whopping 64 percent increase.
 

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