This summer, houses in central Indiana sold after being on the market an average of just one month, half the time of homes sold in 2015. And that’s the average of all houses. Those that are move-in-ready and in desirable neighborhoods—the kinds of homes most buyers are looking for—are often sold within hours or, at most, a few days.
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The median sales price for an existing single-family home in the Indianapolis area increased 10.1%, to $200,295, marking the third straight monthly record.
Read MoreOn a year-to-date basis, closed sales of existing homes in the 16-county Indianapolis area are down 3%, to 12,731.
Read MoreHousing inventory remains low at just 1.6 months, meaning that’s how long it would take to sell the region’s available housing. That’s down 5% from a year ago, when inventory was already tight.
Median home prices in central Indiana reached an all-time high in June amid tighter inventories and fewer new listings.
The Fishers City Council on Monday night approved a development agreement between the city and Indianapolis-based Scannell Properties, which has 14 residential parcels under contract south of the Nickel Plate District.
On a year-to-date basis, sales of existing single-family homes are down 3.8 percent in the area, to 9,249.
Becoming a homeowner is likely to get more costly and competitive over the next decade as millions more Americans enter the age range where people typically seek to buy their first home.
Marion County, however, saw a 4.7 percent increase in closed home sales in March amid rising inventories.
Higher prices, low inventories and climbing interest rates have all combined to slow growth in the market. And colder-than-usual weather last month didn’t help.
The number of active listings in central Indiana—at 5,077 at the end of February—remains low, although it’s 15 percent higher than at the same time a year ago.
Last year turned out to be the busiest year for builders in more than a decade, but filings have been slowing since the fourth quarter.
One encouraging sign for future months was pending home sales, which rose 17.1 percent in January.
Would-be homebuyers are increasingly priced out of the market as years of climbing prices and strained inventories have made ownership too costly.
Higher prices, low inventories and climbing interest rates have all combined to slow growth in the market.
Average home prices continued to rise in November in the 15-county area amid tight inventories.
Sales and prices for existing homes were both on the rise in October in the 15-county area, according to the latest data from the MIBOR Realtor Association.
Existing-home sales in central Indiana fell in September, the third month of declining sales out of the last seven, amid subpar home-buying conditions.
Thanks to Pinterest and HGTV, buyers often know just want they want when they are building a new home, experts said.
Projects underway in Fishers, Westfield and Noblesville are aimed at addressing the lack of housing options for low- and middle-income earners in Hamilton County, but they will only make a dent.
On a year-to-date basis, single-family construction permits in the nine-county area are up 19 percent.
Housing affordability is at a 10-year low, but home sales are still on the increase in central Indiana.
While the number of homes for sale has crept up through the summer, the available inventory still lags last year significantly.