Area existing-home sales fall for eighth time in past nine months

Sales of existing single-family homes fell 1.2% in central Indiana in August, marking the eighth month of declining sales in the past nine months.

Completed sales in the 16-county area dropped from 3,576 in August 2018 to 3,532 last month, according to the latest data from the MIBOR Realtor Association.

August’s decline followed a 3.6% year-over-year increase in July, a 6.9% slide in June, a 2.6% decrease in May, 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% contraction in December.

On a year-to-date basis, closed sales are down 1.5% in the area, to 23,631.

The total number of active home listings in the region fell 4.3% on a year-over-year basis, to 6,273 at the end of last month. New listings dropped 6.5%, to 4,027.

The median sales price for an existing single-family home increased 9.9%, to $199,000.

Homeowners across central Indiana in August got an average of 97.8% of their original list price when selling their houses. That was down from 98.1% in July.

Homes spent an average of 38 days on the market, the same as a year ago.

Pending home sales were up 8.8% on a year-over-year basis, to 3,579.

Marion County

In Marion County—the most active market in central Indiana—closed sales in August dropped 7.5%, to 1,276.

The median sales price in the county spiked 6.9%, to $165,000. New listings declined 7.7%, to 1,618.

The inventory of available single-family detached houses in Marion County fell 2.5%, to 2,254.

Other area counties

In Hamilton County, sales were up 3.3%, to 696, in August. The median sales price jumped 9.7%, to $314,373. The inventory of single-family detached houses fell 4.9%, to 1,292.

In Hendricks County, sales slipped 2.8%, to 310, but the median sales price increased 7.3%, to $220,000.

In Johnson County, sales jumped 11.7%, to 286, and the median sales price also rose 11.7%, to $203,500.

Sales in Boone County dipped 0.8%, to 121, and the median price of a home fell 6.2%, to $266,231.

Hancock County sales soared 27.4%, to 158, and the median price rose 14.9%, to $223,165. Closed sales in the county are 8.3 percent in the county through the first eight months of 2019, to 933.

Sales were flat in Madison County, at 149. The median sales price increased 10%, to $121,000.

Morgan County sales were up 13.4%, to 110, and the median sales price rose 4.2%, to $125,000.

Shelby County saw 41 closed home sales in August, down from 73 the previous year. The median price rose 10.2%, to $139,900.

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