Sales of area existing homes fall for fourth straight month
Marion County, however, saw a 4.7 percent increase in closed home sales in March amid rising inventories.
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.
Three longtime high performers retain the top spots in IBJ’s All-Star team rankings, while Mike Duncan marks 20 years as an agent by topping IBJ’s list of solo stars.
Stringtown is surrounded by activity or proposed activity: at IUPUI to the east, 16 Tech to the north, the former Central State Hospital site to the west, and the former GM stamping plant to the south.
Sales rebounded in July even though prices continued to rise and inventory continued to shrink.
Area builders saw a big jump in new-home applications in July, especially in Marion, Hancock and Hamilton counties.
Indianapolis-area builders saw rising interest in new homes in June, but the growth rate in that demand declined to its lowest point in 14 months.