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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowSales of existing homes in central Indiana dropped 20.3% in July—the 18th straight month that sales have decreased on a year-over-year basis.
Closed sales of existing homes in the 16-county area in July totaled 2,731, down from 3,426 in the same month of 2022, according to the latest monthly data from the MIBOR Realtor Association.
On a year-to-date basis, sales are down 17.7% compared with the first seven months of 2022.
Meanwhile, the median sales price for a house in the area in July ticked up 2%, to $300,000.
The active inventory of homes fell 10.8%, from 4,095 in July 2022 to 3,652 in July 2023. That number was down 7.6% from May.
There were 3,153 new listings in July, down 23.2% from a year ago and 13.3% from the previous month.
Homes are spending much more time on the market than a year ago, from an average of 17 days in July 2022 to 32 days last month. On average, sellers received 99.2% of their asking price last month, down from 100.7% a year ago.
Marion County
In Marion County, closed sales in July fell 23.6% from the year-ago month, to 995.
The median sales price in the county held steady from a year ago, at $250,000.
Other area counties
In Hamilton County, sales decreased 22% in July on a year-over-year basis, to 493. The median sales price in the county increased 10.5%, to $474,990.
In Hendricks County, sales were down 20.8%, to 205, and the median sales price dropped 1.2%, to $335,000.
In Johnson County, sales fell 19.7%, to 196, and the median sales price ticked up 1.6%, to $315,000.
Sales dropped 1.1% in Madison County, to 177. The median sales price dropped 3.9%, to $185,000.
Hancock County sales dropped 27.7% in July, to 115. The median price dropped 1.5%, to $320,000.
Sales in Boone County were up 3.8%, to 137, and the median price of a home dropped 0.2%, to $404,010.
Morgan County sales sank 18.9%, to 90, and the median sales price rose 1.2%, to $292,500.
Shelby County saw a 11.3% drop in closed sales, to 55. The median price shot up 39.8%, to $259,999.
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Not enough homes available. Some prices going up and some down. If the sellers really want to sell those prices my drop but in many areas they are still going up due to lack of homes for sale.
Anybody have a link that discusses home owners insurance costs? Ours went up 40%.
Dave, shop around. Our went up a little bit but not 40%. It seems like the Florida insurance nightmare is spreading to other states. I read about 14 companies have closed up shop down there.
It’s the mortgage rates.
The rapid shock rise in mortgage rates puts severe pressure on home buyers and sellers, now it’s at ~7%, up from ~5% a year ago and ~3% two years ago. Most can’t afford adding that 40% to 120% paid in interest, so it prices a ton of people out of the market. Anyone who wanted to sell and move can’t afford to find a new place, unless they’re going to severely downsize or can buy in cash.