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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 single-family homes rose in central Indiana in August despite a huge decline in available houses and another record in prices.
Completed sales in the 16-county area increased 1.8% in August on a year-over-year basis, according to the latest data from the MIBOR Realtor Association. Buyers closed on 3,676 homes during the month, compared with 3,610 in August 2019.
The monthly sales increase was the second in a row after a three-month streak of declining sales in the market brought on by the pandemic. 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 0.9%, to 23,642, compared with sales of 23,859 through the first eight months of 2019.
The median home price in the area reached a record $228,000, up 14.6% from a year ago and 1.3% from the previous month. Median prices have hit all-time highs in six straight months.
The active inventory in August sank a whopping 53% on a year-over-year basis, to 2,937 houses. New listings were down 7.3% on a year-over-year basis, to 3,816.
Pending sales in August were up 20% from a year ago, to 4,082—a positive sign for September closed sales.
“This month, both closed and pending sales are very strong, with new pending sales at the highest level of the last 10 years,” MIBOR CEO Shelley Specchio said in written remarks. “This is evidence that the housing market is strong and isn’t slowing down anytime soon. Realtors note that buyers continue to be motivated by lower interest rates and their desire for more and better space.”
Marion County
In Marion County—the most active market in central Indiana—closed sales in August rose 1.4%, to 1,328.
The median sales price in the county spiked 13.5%, to $187,250. New listings decreased 6.8%, to 1,532. The inventory of available single-family detached houses in Marion County fell 47.3%, to 1,172.
Other area counties
– In Hamilton County, sales jumped 5.3%, to 749, in August. The median sales price rose 6%, to $334,000. The inventory of houses fell 60.1%, to 513.
– In Hendricks County, sales dropped 5.1%, to 298, and the median sales price increased 13.6%, to $250,000.
– In Johnson County, sales were up 5.8%, to 309, and the median sales price jumped 19.1%, to $239,900.
– Sales in Boone County soared 15.4% last month, to 142. The median price of a house jumped 17.6%, to $313,015.
– Hancock County sales dropped 12.3%, to 143, and the median price rose 7.2%, to $238,990.
– Sales were up 3.9% in Madison County, to 158. The median sales price increased 13.8%, to $142,250.
– Morgan County sales rose 6.6%, to 113, and the median sales price escalated 8.2%, to $204,900.
– Shelby County saw 51 closed home sales last month, up from 44 in August 2019. The median price rose 8.6%, to $152,000.
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This is not stunning with 30-year mortgage rates below 3%.