Existing-home sales creep up slightly in Indianapolis area

Existing-home sales in central Indiana crept up only slightly in November, marking the eighth increase in the first 11 months of 2018, according to the latest data from the MIBOR Realtor Association.

In the 15-county area, closed home sales rose 0.4 percent, from 2,817 in November 2017 to 2,828 last month.

Inventories continue to be tight, driving up prices and lowering affordability.

The total number of active home listings in the region fell 5.7 percent, from 8.311 at the end of November 2017 to 7,841 at the end of last month. New listings rose 4.2 percent, to 2,702.

The average area home sales price during the year-over-year period increased 9.3 percent, to $219,288. The median price rose 8.6 percent, to $179,000.

Home owners across central Indiana in November got an average of 94.9 percent of their original list price when selling their houses. That was down from 95.4 percent in November 2017.

Pending sales in the area were up 7.7 percent, to 2,491.

Marion County

In Marion County—typically the most active market in central Indiana—closed sales in November slipped 0.1 percent, to 1,138.

The average sales price in the county rose 6.4 percent, to $181,360. New listings rose 13.3 percent, to 1,194.

The inventory of single-family detached houses in Marion County was down 0.6 percent, to 2,792. The townhouse-condo inventory fell 4 percent, to 333 units.

Other area counties

In Hamilton County, sales were down 1 percent, to 518, in November. The average sales price rose 13.4 percent, to $335,239. The inventory of single-family detached houses fell 7.1 percent, to 1,382.

In Hendricks County, sales jumped 15.8 percent, to 235, while the average sales price increased 7.7 percent, to $224,101.

In Johnson County, sales slipped 2.8 percent, to 241, and the average sales price rose 4.5 percent, to $209,140.

Sales in Boone County dropped 14.7 percent, to 81, as the average price of a home increased 17.4 percent, to $345,030.

Hancock County sales increased 11.7 percent, to 115, and the average price rose 6.3 percent, to $210,955.

Sales were up 11.1 percent in Madison County, to 140. The average sales price soared 27.7 percent, to $134,091.

Morgan County sales dropped 9.7 percent, to 84, and the average sales price rose 9.2 percent, to $191,835.

Shelby County saw 44 closed home sales in November, an increase of 7.3 percent. The average price rose 7.3 percent, to $144,883.

Indiana results

Statewide, closed sales in November rose 2.5 percent over the same month of 2017, to 6,947, according to the Indiana Association of Realtors. The median price rose 5.9 percent, to $156,700

National results

Nationally, fewer Americans signed contracts to buy homes in November as higher mortgage rates and prices squeezed would-be buyers out of the market, especially in the West.

The National Association of Realtors says its pending home sales index dipped 0.7 percent last month to 101.4. The index based on contract signings has dropped 7.7 percent over the past year and has recorded 11 straight year-over-year decreases.

The rate on 30-year, fixed rate mortgages is now 4.55 percent, up from 3.99 percent a year ago.

"The latest decline in contract signings implies more short-term pullback in the housing sector," said Lawrence Yun, chief economist at the National Association of Realtors.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.