Sales of existing homes in central Indiana continued to slump last month amid higher mortgage rates, and slightly higher inventories are beginning to make a dent in prices.
Completed sales of single-family homes in the 16-county area fell from 3,872 in July 2021 to 3,404 last month—a year-over-year decrease of 12.1%, according to the latest data from the MIBOR Realtor Association. Sales decreased 9.8% from the previous month.
On a year-to-date basis, closed sales are down by 2.6%, to 20,992, compared with 21,559 in the first seven months of 2021.
The median price for homes sold in the area last month was $294,500, down 1.8% from a record high of $300,000 in June. Still, the July median price was 13.3% higher than a year ago.
Area homeowners in July, on average, got 100.7% of their asking prices, down from 101.9% the previous month.
The average number of days houses spent on the market was 18, up from 14 days in July 2021.
The active inventory in July was up 51.5% on a year-over-year basis, to 3,866 houses. The inventory rose 12.8% from the previous month.
New listings decreased 8.5% in July on a year-over-year basis, to 4,087, and were down 17.8% from the previous month.
Sales have been on the downturn in typical residential hotbeds Hamilton, Johnson and Marion counties, but have been on the rise in Hancock and Morgan counties.
In Marion County—the most active market in central Indiana—closed sales in July were down 13.2% on a year-over-year basis, to 1,293.
The median sales price in the county rose 12.8%, to $250,400. New listings fell 10%, to 1,579. The active inventory of available single-family homes jumped 24.8% from a year ago, to 1,425.
Other area counties
In Hamilton County, where inventory is finally beginning to rise, year-over-year sales dropped 13.5%, to 626, in July.
The median sales price in the county rose 14.7%, to $430,000. The inventory of houses jumped 66.6% from a year ago, to 563. Homes spent 16 days on the market, on average, and fetched 102% of their asking price.
In Hendricks County, sales fell 18.2%, to 257, and the median sales price increased 17%, to $339,168.
In Johnson County, sales dropped 20.7%, to 242, and the median sales price rose 13.8%, to $310,000.
Sales fell 15.2% in Madison County last month, to 178. The median sales price increased 18.3%, to $192,250.
Hancock County sales were down 13.2%, to 158, and the median price rose 1.5%, to $325,741.
Sales in Boone County ticked up 1.6% last month, to 131, while the median price of a home rose 1.5%, to $405,000.
Morgan County sales dropped 1.8%, to 111, and the median sales price increased 20.9%, to $289,000.
Shelby County saw 62 closed home sales last month, up from 55 in July 2021. The median price dropped 7%, to 186,000.