Central Indiana homes sales, prices rise amid tight inventories

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Existing-home sales in central Indiana rose 3.7 percent in August despite rising prices and an ongoing decline in housing inventory.

In the 15-county area, home sales rose from 3,392 in August 2016 to 3,519 last month, according to data released Tuesday by the MIBOR Realtor Association. Area home sales have risen on a year-over-year basis in 19 of the last 22 months.

The total number of active home listings in August dropped 13.3 percent, from 11,334 a year ago to 9,826 at the end of last month. New listings were up 3.4 percent, to 4,171.

The average area home sale price during the year-over-year period rose 6.7 percent, to $205,108. The median price rose 6.1 percent, to $164,275.

Pending sales in the area were up 2.5 percent in August, to 3,136.

Statewide, there was a 3.7 percent increase in closed sales in August compared with the same month of 2016, the Indiana Association of Realtors said, and the average price of a home rose 5.6 percent, to $178,988.

The statewide inventory of homes dropped 11.6 percent, to 30,311 units. New listings dropped 3.5 percent, to 10,764.

County breakdown

In Marion County—typically the most active market in central Indiana—closed sales rose 6.2 percent in August, to 1,433.

The average sales price in the county rose 5.1 percent, to $163,019. New listings were up 1.7 percent, to 1,687.

In Hamilton County, sales were up 3.8 percent, to 686, while the average sales price rose 2.4 percent, to $308,107.

In Hendricks County, sales rose 9.5 percent, to 289, while the average sales price increased 16.1percent, to $221,391.

In Johnson County, sales jumped 7.3 percent, to 263, while the average sales price rose 30 percent, to $217,457.

Madison County sales rose 19.4 percent, to 166, and the sales price rose 20 percent, to $119,258.

Boone County saw a 5 percent increase in sales, to 125, and the average price rose 14.3 percent, to $317,804.

Sales in Hancock County fell 3.7 percent, to 129, and the average price dropped 2.8 percent, to $184,703.

Morgan County sales slid 16 percent, to 104. The average price increased 4.4 percent, to $182,205.

Shelby County sales were down 20 percent, to 52, and the average price was up 5.7 percent, to $138,769.

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