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Area home sales stagnate as inventory continues to drop

August 24, 2016

Existing-home sales in central Indiana barely rose in July as inventory continued to shrink.

In the 13-county area, closed home sales grew 0.4 percent, from 3,479 in July 2015 to 3,493 in July of this year, according to data released Wednesday by MIBOR Realtor Association.

The total number of active home listings was down 11.7 percent, from 12,878 a year ago to 11,377 at the end of last month.

The number of homes newly listed in July rose 3.6 percent from the same month in 2015, rising from 4,106 to 4,253.

The average home sale price during the year-over-year period fell 0.8 percent, to $195,481. The median price rose 2.5 percent, to $158,900.

Pending sales—agreements signed but not yet closed—rose 2.1 percent in July compared with the same month in 2015, from 2,792 to 2,851. 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 dipped 0.4 percent in July from the same month in 2015, to 1,370. The median sale price slipped 0.1 percent, to $129,900.

In Hamilton County, closed sales swooned 8.1 percent, to 693, while the median sale price rose 1.1 percent, to $240,050.

In Hendricks County, sales slipped 0.3 percent, to 363, while the median price increased 2.3 percent, to $175,000.

Johnson County saw a 9.6 percent decline in closings, to 263, and the median price rose 8.5 percent, to $64,350.

In Boone County, the median sales price sank 7.8 percent, to $260,000. Closings were up 10 percent, to 162.

Madison County saw sales rise 9.7 percent, to 147, and the median sale price remain at $95,000.

Six single-family homes priced at $1 million or more changed hands in the area in July, down from 13 a year ago.
 

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