Area home sales decline amid escalating prices, lower inventory

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Existing-home sales in central Indiana slipped 2.5 percent in June as prices continued to rise and inventory continued to shrink.

In the 15-county area, closed home sales fell from 4,168 in June 2017 to 4,064 last month, according to data from the MIBOR Realtor Association.

It was a rare off-month for the market, which has experienced year-over-year sales increases in 27 of the past 32 months.

The total number of active home listings in the region dropped 21.5 percent, from 9,314 at the end of June 2017 to just 7,313 at the end of last month. New listings, however, ticked up nearly 1 percent, to 4,761.

The average area home sales price during the year-over-year period increased 7.6 percent, to $229,009. The median price rose 8.6 percent, to $188,200.

Home owners across central Indiana in June got an average of 97.5 percent of their original list price when selling their houses.

Pending sales in the area were up 8.5 percent, to 11,820, which should bode well for next month’s closed sales results.

Area counties

In Marion County—typically the most active market in central Indiana—closed sales in June decreased 7.4 percent, to 1,514.

The average sales price in the county rose 8.5 percent, to $170,435. New listings rose 0.8 percent, to 1,902.

The inventory of single-family detached houses in Marion County was down 23.2 percent, to 2,362. The townhouse-condo inventory fell 30 percent, to 262 units.

In Hamilton County, sales rose 0.8 percent, to 904. The average sales price rose 8.9 percent, to $344,091. The inventory of single-family detached houses fell 14.3 percent, to 1,495.

In Hendricks County, sales increase 4 percent, to 361, while the average sales price dipped 0.2 percent, to $220,755.

In Johnson County, sales rose 5.9 percent, to 340, while the average sales price rose 5.4 percent, to $222,075.

Sales in Boone County dropped 8.4 percent, to 131, as the average price of a home fell 2.7 percent, to $326,164.

Hancock County sales increased 3.2 percent, to 159, and the average price rose 13.4 percent, to $205,193.

Sales were down 4.8 percent in Madison County, to 177. The average sales price dipped 2.3 percent, to $117,545.

Morgan County sales dropped 8.4 percent, and the average sales price rose 0.1 percent, to $193,507.

Shelby County saw 59 closed home sales in June, down 7.8 percent. The average price rose 1.1 percent, to $134,421.

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