Existing-home sales in central Indiana fell 1.6 percent in February, ending a 15-month streak of rising home deals.
The decrease came amid a steep increase in prices and a big decline in housing inventory.
In the 13-county area, closed home sales fell from 1,929 in February 2016 to 1,899 last month, according to data released Tuesday by MIBOR Realtor Association.
Until February, closed sales in the area had risen every month on a year-over-year basis since October 2015, when they dipped 1.2 percent.
The total number of active home listings in February dropped 18.2 percent, from 9,951 a year ago to 8,140 at the end of last month. New listings were down 2 percent, to 2,985.
The average home sale price during the year-over-year period rose 11 percent, to $189,102. The median price rose 12.6 percent, to $152,000.
Pending sales in the area were up 2.3 percent during the month, to 2,412.
Statewide, there was a 2.2 percent decrease in closed sales in February compared with the same month of 2016, the Indiana Association of Realtors said, and the average price of a home rose 6.9 percent, to $159,248.
The statewide inventory of homes dropped 16.6 percent, to 26,978 units.
"To anyone thinking about listing their home soon: now is a great time to make your move,” said IAR President Cheryl Stuckwish in written comments. “Buyer demand is overtaking supply and consumers are feeling confident in real estate as a good investment."
In Marion County—typically the most active market in central Indiana—closed sales fell 7.3 percent in February, to 785.
The average sales price in the county rose 6.3 percent, to $147,305. The inventory of single-family homes for sale fell 22.2 percent, to 3,343. New listings were down 0.2 percent, to 1,255.
In Hamilton County, sales were up 5.3 percent, to 376, while the average sales price rose 10.9 percent, to $297,200.
In Hendricks County, sales rose 28 percent, to 187, while the average sales price jumped 22 percent, to $204,411.
In Johnson County, sales dipped 0.7 percent, to 146, while the average sales price dropped 6.6 percent, to $180,686.
Boone County saw a 12.5 percent decrease in sales, to 63, as the average price rose 28.8 percent, to $316,832.