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Sales of existing homes in central Indiana dropped 20.7% in August—the 19th straight month that sales have decreased on a year-over-year basis.
Closed sales of existing homes in the 16-county area in August totaled 2,790, down from 3,520 in the same month of 2022, according to the latest monthly data from the MIBOR Realtor Association.
On a year-to-date basis, sales are down 17.9% compared with the first eight months of 2022.
Meanwhile, the median sales price for a house in the area in August ticked up 5.3%, to $300,000.
The active inventory of homes fell 9%, from 4,369 in August 2022 to 3,976 in August 2023.
There were 3,354 new listings in August, down 11.6% from a year ago but up 5.7% from the previous month.
Homes are spending much more time on the market than a year ago, from an average of 22 days in August 2022 to 31 days last month. On average, sellers received 99.2% of their asking price last month, down from 101.7% in all of 2022.
Marion County
In Marion County, closed sales in August fell 22.7% from the year-ago month, to 1,020. The median sales price in the county ticked up 0.8% from a year ago, to $244,000.
Other area counties
In Hamilton County, sales fell 13.8% in August on a year-over-year basis, to 498. The median sales price in the county rose 6.4%, to $447,637.
In Hendricks County, sales were down 20.7%, to 206, and the median sales price dropped 1.7%, to $329,250.
In Johnson County, sales fell 23.4%, to 196, and the median sales price ticked up 6.4%, to $318,000.
Sales dropped 26.4% in Madison County, to 142. The median sales price rose 14.1%, to $222,000.
Hancock County sales dropped 23.5% in August, to 143. The median price dropped 3.7%, to $320,725.
Sales in Boone County sank 1.4%, to 142, and the median price of a home rose 3.7%, to $385,010.
Morgan County sales sank 31.4%, to 81, and the median sales price fell 8.6%, to $265,000.
Shelby County saw a 44.8% drop in closed sales, to 37. The median price fell 10%, to $225,000.
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With the Federal Reserve Bank jacking interest rates up and up more making the already rich even richer and making housing even more unaffordable nobody that doesn’t have to is going to sell or buy a house.
The Fed has wreaked havoc on the economy for decades and has outlived its usefulness, but it will never change. Andrew Jackson and many others warned Americans of the dangers of a large central bank but here we are being manipulated constantly by their actions and everyone seems to be ignorant of what is really happening.
Agreed. But it’s also the choices people make with there money. The majority of consumer spending is a trap. Unless you escape that mindset it’s difficult to get free from the manipulation of large banks and the wake created by them.