Sales of existing homes fall for sixth straight month in central Indiana

Sales of existing single-family homes fell 2.6% in central Indiana in May, the sixth straight month of declining sales.

Completed sales in the 16-county area dropped from 3,511 in May 2018 to 3,418 last month, according to the latest data from the MIBOR Realtor Association.

May’s decline followed a 1.9% dip in April, a 3.6% drop in March, a 2.3% fall in February, an 8.3% decline in January and a 6.6% decrease in December.

On a year-to-date basis, closed sales are down 3% in the area, to 12,731.

The total number of active home listings in the region increased 5.2% on a year-over-year basis, to 5,431 at the end of last month. New listings fell 0.9%, to 4,661.

The median sales price for an existing single-family home increased 3.2%, to $196,000. The association is no longer reporting average sales prices.

Homeowners across central Indiana in May got an average of 98.2% of their original list price when selling their houses. That was up from 97.9% in April.

Pending home sales were up 8.4% on a year-over-year basis, to 3,939.

Marion County

In Marion County—the most active market in central Indiana—closed sales in May decreased 3.7%, to 1,307.

The median sales price in the county rose 4.4%, to $167,000. New listings dipped 1.7%, to 1,702.

The inventory of available single-family detached houses in Marion County rose 12.9%, to 1,787.

Other area counties

In Hamilton County, sales dropped 7.3%, to 674, in May. The median sales price fell 1.1%, to $295,000. The inventory of single-family detached houses rose 6.9%, to 1,262.

In Hendricks County, sales plummeted 26.6%, to 256, but the median sales price increased 14.1%, to $229,200.

In Johnson County, sales fell 5.3%, to 269, and the median sales price rose 2.6%, to $200,000.

Sales in Boone County slipped 1.6%, to 122, and the median price of a home rose 11.6%, to $294,750.

Hancock County sales soared 29%, to 160, and the median price rose 10.5%, to $197,000.

Sales were up 11.1% in Madison County, to 150. The median sales price increased 10.1%, to $125,500.

Morgan County sales fell 7.1%, to 105, and the median sales price jumped 15.6%, to $184,900.

Shelby County saw 55 closed home sales in May, up from 45 the previous year. The median price shrank 2.7%, to $125,000.

National numbers

U.S. home sales jumped 2.5% in May, as lower mortgage rates appeared to help buyers overcome affordability challenges. The National Association of Realtors said Friday that existing homes sold at a seasonally adjusted annual rate of 5.34 million last month, up from 5.21 million in April.

The recent gains likely came from reduced borrowing costs that made it easier to finance a home. Rates for the 30-year mortgage are averaging 3.84% this week, down sharply from 4.57% a year ago, according to the mortgage buying company Freddie Mac.

Still, the real estate market has yet to shake off last year's slump. Home sales fell 1.1% from a year ago.

The faster pace of sales also boosted prices. The median sales price in May was $277,700, a 4.8% increase from last year.

Please enable JavaScript to view this content.

Editor's note: IBJ is now using a new comment system. Your Disqus account will no longer work on the IBJ site. Instead, you can leave a comment on stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Past comments are not currently showing up on stories, but they will be added in the coming weeks. Please note our updated comment policy that will govern how comments are moderated.

{{ articles_remaining }}
Free {{ article_text }} Remaining
{{ articles_remaining }}
Free {{ article_text }} Remaining Article limit resets in {{ count_down }} days.