Area home sales increase amid rising prices, lower inventory

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Existing-home sales in central Indiana jumped 6.5 percent in June despite a continuing increase in prices and an ongoing decline in housing inventory.

In the 13-county area, home sales rose from 4,461 in June 2016 to 4,530 last month, according to data released Tuesday by the MIBOR Realtor Association. Sales have risen on a year-over-year basis in 18 of the last 20 months.

The total number of active home listings in June dropped 17.1 percent, from 10,782 a year ago to 8,943 at the end of last month. But new listings were up 1.5 percent, to 4,530.

The average area home sale price during the year-over-year period rose 5.4 percent, to $213,669. The median price rose 7.1 percent, to $174,500.

Pending sales in the area were up 8.6 percent in June, to 3,366.

Statewide, there was a 5.3 percent increase in closed sales in June compared with the same month of 2016, the Indiana Association of Realtors said, and the average price of a home rose 5.2 percent, to $186,924.

The statewide inventory of homes dropped 14.9 percent, to 29,219 units. New listings rose 1.5 percent, to 11,879.

County breakdown

In Marion County—typically the most active market in central Indiana—closed sales rose 10.3 percent in June, to 1,635.

The average sales price in the county rose 6.4 percent, to $170,435. The inventory of single-family homes for sale fell 22.8 percent, to 3,448. New listings were up 2.5 percent, to 1,887.

In Hamilton County, sales were up 5.4 percent, to 897, while the average sales price rose 5 percent, to $311,481.

In Hendricks County, sales fell 7 percent, to 347, while the average sales price jumped 9.8 percent, to $221,119.

In Johnson County, sales dropped 2.7 percent, to 321, while the average sales price rose 7.7 percent, to $210,751.

Madison County sales soared 44.2 percent, to 186, and the sales price rose 23 percent, to $120,263.

Boone County saw a 1.4 percent drop in sales, to 143, as the average price rose 7.5 percent, to $335,211.

Sales in Hancock County rose 6.9 percent, to 154, and the average price rose 2.2 percent, to $180,961.

Morgan County sales jumped 14.4 percent, to 119. The average price increased 8.4 percent, to $193,317.

Shelby County sales were up 14.3 percent, to 64, and the average price fell 10.6 percent, to $132,937.

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