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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCentral Indiana saw existing-home transactions rise 3.4% in July—only the second month out of the last 30 in which closed sales had increased on a year-over-year basis.
Closed existing-home sales in the 16-county area climbed from 2,779 in July 2023 to 2,874 in July 2024, according to the latest data from the MIBOR Realtor Association. The last time they rose on a year-over-year basis was in April, when they snapped a 26-month streak of declines.
The median sale price for a home in the area rose 1.7%, to $305,000, in July on a year-over-year basis, but fell 4.7% from the previous month.
The active inventory of homes rose from 3,669 in July 2023 to 4,551 last month, a 24% increase.
There were 3,260 new listings in June, up 1.5% from the same month in 2023.
On average, sellers received 98.7% of their asking price last month, down from 99.2% a year ago. Homes spent an average of 33 days on the market before being sold, up from 30 days in July 2023.
“While home prices continue to appreciate on a year-over-year basis, they came down slightly from the all-time high in June,” said MIBOR CEO Shelley Specchio in written remarks. “Active inventory continues to slowly improve; however, resilient demand has kept absorption rates low. While central Indiana hasn’t shown a definitive shift yet, we are watching other markets throughout the country as national data shows market dynamics slowly moving in the buyer’s favor.”
Marion County
In Marion County, closed sales in July increased 2.1% from a year ago, to 1,032. The median sales price in the county rose 3.8% from a year ago, to $259,529.
Other area counties
In Hamilton County, sales were up 6.1% on a year-over basis, to 540. The median sales price in the county slipped 2.1%, to $464,950.
In Hendricks County, sales increased 3.3%, to 218, and the median sales price rose 4.4%, to $349,620.
In Johnson County, sales were up 6.5%, to 212, and the median sales price dipped 2.2%, to $307,998.
Sales fell 7.2% in Madison County, to 167. The median sales price rose 25%, to $225,000.
Sales in Boone County decreased 9.5%, to 124, while the median price dropped 2.9%, to $392,402.
Hancock County sales rose 27.6%, to 148. The median price was up 2.1%, to $326,750.
Morgan County sales decreased 8.9%, to 82, and the median sales price jumped 7.3%, to $313,750.
Shelby County saw a 23.6% drop in closed sales, to 42. The median price rose 4.8%, to $272,500.
Statewide sales
Due to falling mortgage rates and a rising home supply, total existing-home sales statewide picked back up in July, according the Indiana Association of Realtors.
The state saw a 7% increase in sales from June to July and a 6% increase compared with July 2023. Last month Hoosiers closed on 7,405 deals, the association reported.
Statewide, the median sale price dropped to $264,000 in July from $273,000 in June.
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