Sales of existing homes in central Indiana see steep November decline

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Sales of existing homes continued to slump in central Indiana in November amid rising prices and steep mortgage rates, according to the latest monthly data from the MIBOR Realtor Association.

Existing-home sales in the 16-county area dropped from 2,558 in November 2022 to 2,200 in November 2023, a drop of 14%. November sales also fell 4.5% from the previous month.

Closed sales in the area have fallen for 22 straight months on a year-over-year basis.

On a year-to-date basis, closed sales are down 18% compared with the first 11 months of 2022, from 33,404 to 27,392.

Pending home sales were down 2.9% on a year-over-year basis, to 2,239

Meanwhile, the median sales price for a house in the area in November increased 4.3%, to $289,950, from the same month a year ago. The median price was flat from the previous month.

The active inventory of homes was 4,497 in November, down 11% from the previous month and 16.6% on a year-over-basis.

There were 2,202 new listings in November, down 7.6% from a year ago and 23.3% from October.

On average, sellers received 97.5% of their asking price last month, down from 98.6% in November 2022.

Homes are spending more time on the market than a year ago, from an average of 36 days in November 2022 to 41 days last month.

Marion County

In Marion County, closed sales in November fell 12.1% from a year ago, to 810. The median sales price in the county rose 1.3% from a year ago, to $230,000.

Other area counties

In Hamilton County, sales plummeted 22.3%, to 365, amid a dwindling inventory. The median sales price in the county crept up 1.9%, to $429,000.

In Hendricks County, sales sank 15.3%, to 188, and the median sales price rose 3.9%, to $348,145.

In Johnson County, sales fell 17.6%, to 150, and the median sales price jumped 10.3%, to $310,000.

Sales dropped 9.6% in Madison County, to 142. The median sales price increased 18.8%, to $195,950.

Sales in Boone County jumped 30.1%, to 121, while the median price declined 12.8%, to $339,995.

Hancock County sales dropped 31.7%, to 84. The median price slipped 3.1%, to $329,450.

Morgan County sales decreased 10.2%, to 79, and the median sales price dropped 18.2%, to $250,000.

Shelby County saw a 2.9% increase in closed sales, to 35. The median price fell 17.8%, to $181,000.

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