Area homes sales fall for 7th straight month amid rising prices

Sales of existing single-family homes fell 6.9% in central Indiana in June, the seventh straight month of declining sales.

Completed sales in the 16-county area dropped from 3,829 in June 2018 to 3,564 last month, according to the latest data from the MIBOR Realtor Association.

June’s decline followed a 2.6% year-over-year 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 3.4% in the area, to 16,377.

The total number of active home listings in the region dropped 2.9% on a year-over-year basis, to 5,731 at the end of last month. New listings fell 8.5%, to 4,160.

The median sales price for an existing single-family home increased 5.2%, to $199,900. The association is no longer reporting average sales prices.

“Median sales prices grew more than 5 percent year-over-year and have now reached an all-time high at nearly $200,000,” MIBOR said in its monthly report.

“This growth rate is opposite to what we are seeing nationally and undoubtedly being aided by the recent decline in mortgage rates. These factors, along with low inventory, make for a highly competitive market even compared to what we are seeing nationally.”

Homeowners across central Indiana in June got an average of 98.3% of their original list price when selling their houses. That was up from 98.2% in May.

Pending home sales were up 12.5% on a year-over-year basis, to 3,803.

Marion County

In Marion County—the most active market in central Indiana—closed sales in June decreased 5.1%, to 1,309.

The median sales price in the county rose 7.1%, to $166,000. New listings declined 9.7%, to 1,584.

The inventory of available single-family detached houses in Marion County rose 0.6%, to 1,955.

Other area counties

In Hamilton County, sales plummeted 17.5%, to 699, in June. The median sales price jumped 5.2%, to $322,000. The inventory of single-family detached houses fell 4.9%, to 1,266.

In Hendricks County, sales slipped 2.3%, to 334, but the median sales price increased 15.3%, to $227,500.

In Johnson County, sales fell 22.8%, to 250, and the median sales price rose 12.1%, to $204,500.

Sales in Boone County rose 23.3%, to 159, and the median price of a home rose 24.6%, to $350,000.

Hancock County sales slumped 15%, to 136, and the median price rose 1.5%, to $195,450.

Sales were up 1.8% in Madison County, to 174. The median sales price increased 20.4%, to $130,000.

Morgan County sales were flat, at 106, and the median sales price rose 2.9%, to $172,328.

Shelby County saw 61 closed home sales in June, up from 55 the previous year. The median price rose 16.8%, to $146,000.

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