Central Indiana existing-home sales see 21% June drop

Sales of existing homes in central Indiana dropped 20.9% in June—the 17th straight month that sales have decreased on a year-over-year basis—as inventories continued to tighten.

Closed sales of existing homes in the 16-county area in June totaled 2,988, down from 3,779 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 17.5% compared with the first half of 2022.

Meanwhile, the median sales price for a house in the area in June held steady at $300,000.

The active inventory of homes fell 3.5%, from 3,619 in June 2022 to 3,491 in June 2023, but that number was up 1% from May.

There were 3,599 new listings in June, down 27.7% from a year ago, but up 7.4% from the previous month.

Homes are spending much more time on the market than a year ago, from an average of 14 days in June 2022 to 141 days last month. On average, sellers received 99.5% of their asking price last month, down from 101.9% a year ago.

Marion County

In Marion County, closed sales in June fell 18% from the previous year, to 1,147.

The median sales price in the county held steady from a year ago, at $250,000.

Other area counties

In Hamilton County, sales decreased 19.2% in June on a year-over-year basis, to 569. The median sales price in the county increased 4.5%, to $459,990.

In Hendricks County, sales were down 29.6%, to 214, and the median sales price dropped 1.6%, to $339,500.

In Johnson County, sales fell 19.1%, to 228, and the median sales price dropped 7%, to $300,000.

Sales dropped 11.4% in Madison County, to 156. The median sales price rose 6.8%, to $205,000.

Hancock County sales dropped 30.2% in June, to 143. The median price dropped 7.2%, to $320,000.

Sales in Boone County declined 9.3%, to 127, and the median price of a home dropped 12.6%, to $374,800.

Morgan County sales sank 43.7%, to 71, and the median sales price rose 5.1%, to $280,000.

Shelby County saw a 37.3% drop in closed sales, to 42. The median price fell 3.4%, to $241,500.

National slump

Sales of previously occupied U.S. homes fell in June to the slowest pace since January, as a near-historic low number of homes for sale and rising mortgage rates kept many would-be homebuyers on the sidelines. The national median sales price fell on an annual basis for the fifth month in a row, though fierce competition led to about one-third of homes selling for more than their list price.

Existing home sales fell 3.3% last month from May to a seasonally adjusted annual rate of 4.16 million, the National Association of Realtors said. That’s slightly below what economists were expecting, according to FactSet, and marks the slowest sales pace since January.

Sales sank 18.9% compared with June last year. All told, sales are down 23% through the first half of this year.