Sales of existing homes got off to a sour start in central Indiana in 2019, falling 8.3 percent in January.
Closed sales in the 15-county area dropped from 1,901 in January 2018 to 1,744 last month, according to the latest data from the MIBOR Realtor Association.
The decline followed a 6.6 percent decrease in sales in December and weak increases in October and November.
Higher prices, low inventories and climbing interest rates have all combined to slow growth in the market.
The total number of active home listings in the region fell 5.5 percent, from 7.070 at the end of January 2018 to 6,681 at the end of last month. New listings, however, increased 4.7 percent, to 2,600.
The average area home sales price during the month increased 7 percent, to $206,311. The median price rose 7.5 percent, to $169,000.
Homeowners across central Indiana in December got an average of 93.8 percent of their original list price when selling their houses. That was down from 94.7 percent the previous January.
One encouraging sign for future months was pending home sales, which rose 17.1 percent in January, to 2,595.
In Marion County—typically the most active market in central Indiana—closed sales in January dropped 7.1 percent, to 776.
The average sales price in the county dropped 2.4 percent, to $150,938. New listings rose 5.8 percent, to 1,056.
The inventory of single-family detached houses in Marion County was up 4.3 percent, to 2,333. The townhouse-condo inventory fell 8.2 percent, to 304 units.
Other area counties
In Hamilton County, sales were down 0.9 percent, to 323, in January. The average sales price rose 9.5 percent, to $336,259. The inventory of single-family detached houses fell 6.8 percent, to 1,177.
In Hendricks County, sales rose 3.4 percent, to 154 and the average sales price increased 8.4 percent, to $233,949.
In Johnson County, sales slid 25.8 percent, to 118, and the average sales price rose 8.2 percent, to $216,059.
Sales in Boone County rose 3.8 percent, to 54 and the average price of a home increased 30.8 percent, to $331,758.
Hancock County sales fell 25 percent, to 54, and the average price rose 9.1 percent, to $217,661.
Sales were down 7.3 percent in Madison County, to 76. The average sales price increased 2.3 percent, to $112,192.
Morgan County sales slumped 16.3 percent, to 41, and the average sales price rose 24.8 percent, to $207,565.
Shelby County saw 31 closed home sales in January, an increase of 10.7 percent. The average price rose 6.2 percent, to $155,408.
Statewide, closed sales in January fell 8.6 percent over the same month of 2018, to 4,178, according to the Indiana Association of Realtors. The median price rose 4.3 percent, to $151,200, marking the 86th month in a row to see a year-over-year price increase.
Pending home sales rose 8.2 percent, to 5,837, and new listings increased 3.9 percent, to 6,677.