Existing-home sales jump 7 percent in Indianapolis area

Existing-home sales in central Indiana bounced back in July after an unusual off-month in June.

Sales jumped 7 percent in July even though prices continued to rise and inventory continued to shrink.

In the 15-county area, closed home sales rose from 3,461 in July 2017 to 3,702 last month, according to data from the MIBOR Realtor Association.

Area sales have risen on a year-over-year basis in 28 of the past 33 months. They had fallen 2.5 percent in June.

The total number of active home listings in the region dropped 19.8 percent, from 9,625 at the end of July 2017 to just 7,720 at the end of last month. New listings, however, jumped 8 percent, to 4,473.

The average area home sales price during the year-over-year period increased 6.2 percent, to $222,246. The median price rose 6.3 percent, to $180,254.

Home owners across central Indiana in July got an average of 97.2 percent of their original list price when selling their houses.

Pending sales in the area were up 24.9 percent, to 3,702.

Area counties

In Marion County—typically the most active market in central Indiana—closed sales in July rose 11.9 percent, to 1,424.

The average sales price in the county rose 4.9 percent, to $178,806. New listings rose 0.8 percent, to 1,827.

The inventory of single-family detached houses in Marion County was down 20.1 percent, to 2,547. The townhouse-condo inventory fell 24.9 percent, to 280 units.

In Hamilton County, sales rose 10.7 percent, to 775. The average sales price rose 4.5 percent, to $324,091. The inventory of single-family detached houses fell 15.2 percent, to 1,506.

In Hendricks County, sales increased 12 percent, to 354, while the average sales price jumped 10.7 percent, to $235,217.

In Johnson County, sales rose 11.4 percent, to 284, while the average sales price rose 11 percent, to $218,054.

Sales in Boone County increased 18.1 percent, to 124, as the average price of a home rose 5 percent, to $314,590.

Hancock County sales increased 21 percent, to 144, and the average price dipped 2.7 percent, to $204,214.

Sales were down 4 percent in Madison County, to 145. The average sales price climbed 14.5 percent, to $140,627.

Morgan County sales dropped 4.9 percent, to 97, and the average sales price slipped 0.6 percent, to $178,847.

Shelby County saw 51 closed home sales in July, up 2 percent. The average price rose 38.5 percent, to $173,725.

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