Area home sales slip amid tight inventory, rising prices

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Existing-home sales in central Indiana fell 1.9 percent in July amid rising prices and an ongoing decline in housing inventory.

In the 13-county area, home sales dipped from 3,391 in July 2016 to 3,326 last month, according to data released Tuesday by the MIBOR Realtor Association. Home sales have fallen in three of the past six months after 15 straight months of increases.

The total number of active home listings in July dropped 15.6 percent, from 10,936 a year ago to 9,230 at the end of last month. New listings were down 3 percent, to 3,983.

The average area home sale price during the year-over-year period rose 7.4 percent, to $208,869. The median price rose 6.3 percent, to $169,000.

Pending sales in the area were up 8.6 percent in July, to 2,899.

Statewide, there was a 1.1 percent increase in closed sales in July compared with the same month of 2016, the Indiana Association of Realtors said, and the average price of a home rose 5.8 percent, to $183,816.

The statewide inventory of homes dropped 13.1 percent, to 29,957 units. New listings dropped 0.2 percent, to 10,512.
County breakdown
In Marion County—typically the most active market in central Indiana—closed sales rose 0.4 percent in July, to 1,375.

The average sales price in the county rose 11.5 percent, to $170,498. New listings were down 4.5 percent, to 1,632.

In Hamilton County, sales were up 1 percent, to 700, while the average sales price rose 9.2 percent, to $310,299.

In Hendricks County, sales ticked up 0.3 percent, to 316, while the average sales price increased 6.5 percent, to $212,517.

In Johnson County, sales fell 3 percent, to 255, while the average sales price rose 0.6 percent, to $196,488.

Madison County sales rose 2.7 percent, to 151, and the sales price rose 12 percent, to $122,815.

Boone County saw a 35 percent drop in sales, to 105, and the average price dropped 1.6 percent, to $299,622.

Sales in Hancock County fell 16.8 percent, to 119, and the average price rose 13.5 percent, to $209,986.

Morgan County sales jumped 13.3 percent, to 102. The average price increased 4.2 percent, to $179,898.

Shelby County sales were up 4.2 percent, to 50, and the average price fell 9.1 percent, to $125,461.

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