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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowSales prices for existing homes in central Indiana are continuing to rise even as purchases continued a steep decline, according to the latest monthly data from the MIBOR Realtor Association.
Sales of existing homes in the 16-county dropped from 3,263 in September 2022 to 2,482 last month, a decrease of 23.9% and the 20th straight month that sales have fallen on a year-over-year basis.
On a year-to-date basis, sales are down 18.4% compared with the first nine months of 2022.
Meanwhile, the median sales price for a house in the area in September jumped 4.9%, to $299,045.
“Despite the pressure from high mortgage rates, home prices in central Indiana continue to show year-over-year appreciation” MIBOR CEO Shelley Specchio said in written comments about the monthly numbers. “Furthermore, we continue to see a resilient undercurrent of people who want to buy as demonstrated by strong sales price to list price ratios.”
On average, sellers received 98.5% of their asking price last month, down slightly from 98.7% in September 2022.
The active inventory of homes fell 9%, from 4,894 in September 2022 to 4,454 in September 2023.
There were 3,071 new listings in September, down 10.3% from a year ago and 9.3% from the previous month.
Homes are spending more time on the market than a year ago, from an average of 27 days in September 2022 to 38 days last month.
Marion County
In Marion County, closed sales in September fell 24.8% from the year-ago month, to 899. The median sales price in the county was flat from a year ago, at $235,000.
Other area counties
In Hamilton County, sales fell 15.1%, to 471. The median sales price in the county jumped 9.3%, to $448,000.
In Hendricks County, sales sank 30.5%, to 180, and the median sales price rose 3.1%, to $340,000.
In Johnson County, sales fell 21%, to 196, and the median sales price ticked up 0.2%, to $300,500.
Sales dropped 25.5% in Madison County, to 149. The median sales price jumped 12.1%, to $195,000.
Hancock County sales dropped 26.9%, to 125. The median price increased 9.1%, to $354,480.
Sales in Boone County sank 1.4%, to 142, and the median price of a home rose 25.4%, to $392,990.
Morgan County sales decreased 34.2%, to 77, and the median sales price fell 2.7%, to $285,000.
Shelby County saw a 20.4% drop in closed sales, to 43. The median price fell 2.1%, to $235,000.
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