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Sales prices for existing homes in central Indiana are continuing to rise even as purchases continued a steep decline, according to the latest monthly data from the MIBOR Realtor Association.
Sales of existing homes in the 16-county area dropped from 2,801 in October 2022 to 2,276 last month, a decrease of 18.7% and the 21st straight month that sales have fallen on a year-over-year basis.
On a year-to-date basis, closed sales are down 18.4% compared with the first 10 months of 2022.
Meanwhile, the median sales price for a house in the area in October jumped 3.9%, to $299,000, from the same month a year ago.
The active inventory of homes fell 5%, to 4,635, from September and 12.4%, from 5,294, in October of last year.
“Higher interest rates have kept inventory low and prices stable, but we are now likely seeing the effects of seasonality in the marketplace as we enter the fall selling season,” MIBOR CEO Shelley Specchio said in written comments about the monthly numbers.
On average, sellers received 98.2% of their asking price last month, down a smidge from 98.3% in October 2022.
There were 2,851 new listings in October, down 8.4% from a year earlier and 7.5% from September of this year.
Homes are spending more time on the market than a year ago, from an average of 30 days in October 2022 to 36 days last month.
Marion County
In Marion County, closed sales in October fell 14.5% from the year-ago month, to 854. The median sales price in the county eked up 0.9% from a year ago, to $235,000.
Other area counties
In Hamilton County, sales fell 15.7%, to 414. The median sales price in the county crept up 2.3%, to $444,997.
In Hendricks County, sales sank 20.5%, to 171, and the median sales price rose 6.9%, to $355,000.
In Johnson County, sales fell 35.1%, to 150, and the median sales price rose 2.6%, to $297,500.
Sales dropped 18.2% in Madison County, to 139. The median sales price rose 2.7%, to $190,000.
Hancock County sales dropped 38.3%, to 95. The median price slipped 1.6%, to $330,000.
Sales in Boone County sank 13.5%, to 96, and the median price of a home rose 4.7%, to $394,450.
Morgan County sales decreased 20.9%, to 72, and the median sales price jumped 12.6%, to $317,450.
Shelby County saw a 13% drop in closed sales, to 40. The median price fell 2.9%, to $238,950.
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I kind of see the logic of using the median price.
But it would be pretty interesting to see the dif between the median price and the mean price.