Sales of existing single-family homes jumped dramatically in central Indiana in July, despite the pandemic, soaring prices and a huge plunge in inventory.
Completed sales in the 16-county area increased 8.5% in July on a year-over-year basis and 9.9% compared with the prior month, according to the latest data from the MIBOR Realtor Association.
Central Indiana buyers bought 3,969 homes in July, compared with 3,611 in June and 3,659 in July 2019.
The monthly sales increase snapped a three-month streak of declining sales in the market. June saw a relatively small sales decline of 3.3% on a year-over-year basis following a 23.3% decrease in May and a 16.8% decline in April. Area sales had been on the rise in six of the previous seven months before April.
On a year-to-date basis, area sales are down 1.9%, to 19,865, compared with sales of 20,249 through the first seven months of 2019.
The median home price in the area reached a record $225,000, up 11.9% from a year ago and 2.3% from the previous month. Median prices have hit all-time highs in five straight months.
The active inventory in July sank 45.7% on a year-over-year basis, to 3,246 houses. New listings were down 3.5% on a year-over-year basis, to 4,161.
Pending sales in June were up 20% from a year ago, to 4,155—a positive sign for August closed sales.
In Marion County—the most active market in central Indiana—closed sales in July rose 10.1%, to 1,475.
The median sales price in the county spiked 11.2%, to $186,000. New listings decreased 3%, to 1,569. The inventory of available single-family detached houses in Marion County fell 39.7%, to 1,228.
Other area counties
– In Hamilton County, sales jumped 16%, to 828, in July. The median sales price rose 11.3%, to $345,000. The inventory of houses fell 50.6%, to 646.
– In Hendricks County, sales dropped 3.5%, to 307, and the median sales price increased 9.3%, to $253,011.
– In Johnson County, sales decreased 8%, to 309, and the median sales price rose 8.8%, to $228,500.
– Sales in Boone County soared 20.2% last month, to 155. The median price of a house jumped 22.2%, to $331,000.
– Hancock County sales ticked up 1.3%, to 154, and the median price rose 6.7%, to $233,470.
– Sales were up 4.5% in Madison County, to 164. The median sales price increased 8.3%, to $130,000.
– Morgan County sales rose 17.3%, to 129, and the median sales price escalated 19.7%, to $210,000.
– Shelby County saw 55 closed home sales last month, down from 56 in July 2019. The median price dropped 12.2%, to $54,900.