After more than two years of declining existing-home sales, central Indiana finally saw a positive month in April.
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The exceptions to the trend were Boone and Hendricks counties, where closed sales increased 24.1% and 9.8% over March 2023.
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Sales in the 16-county area decreased in February amid higher prices and a declining inventory.
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Hamilton, Johnson and Marion counties saw huge surges in single-family building permit filings in November.
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Central Indiana residential builders saw a surge in demand for new homes as 2024 came to a conclusion, making the year one of the strongest the industry has seen over the past two decades.
While sales of previously occupied U.S. homes rose in November for the second straight month, the housing market was on track to end 2024 as its worst year for sales since 1995.
The typically two-, three- or four-story residence that ranges in size from 1,800 to 2,300 square feet and shares a wall with a neighbor often appeals to people looking for a less-costly option than a single-family home or to people looking to downsize.
Prior to November, area sales had risen in four of the previous seven months on a year-over-year basis following a 26-month streak of declining sales.
Declining mortgage rates and more inventory led to a positive month for existing-home sales in central Indiana in September, according to the latest data from the MIBOR Realtor Association.
After experiencing a rare month of rising transactions in July, central Indiana saw another down month for existing-home sales last month, according to the latest data from the MIBOR Realtor Association.
Closed existing-home sales in the 16-county area climbed 3.4% from July 2023 to July 2024, according to the latest data from the MIBOR Realtor Association.
Closed sales in the Indianapolis area have fallen in 28 of the past 29 months on a year-over-year basis.
Closed existing-home sales in the 16-county area have fallen in 27 of the last 28 months.
SPCS is a tool that a growing number of lenders are adopting to help improve credit access for underserved groups.
They have been around since the 1970s, but they’ve recently become a lot more popular.
Sales of existing homes in central Indiana have fallen for 24 straight months on a year-over-year basis., but the market showed signs of improvement in January amid a small decline in mortgage rates.
Almost half of Black home buyers in 2022 were first-time buyers, and newcomers haven’t benefited from the rising home equity that could help defray swelling sale prices and lending costs.
The sharply higher home loan borrowing costs limited home hunters’ buying power on top of years of soaring prices. A dearth of homes for sale also kept many would-be homebuyers and sellers on the sidelines.
Mortgage rates escalated for the first 10 months of last year. No surprise: Existing-home sales in the 16-county area dropped from 35,876 in 2022 to 29,483 in 2023.
The average rate on a 30-year mortgage rose to 6.66% from 6.62% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.33%.
Another incentive for builders: The inventory of previously occupied homes for sale is likely to remain tight because many homeowners have locked in low mortgage rates.
Closed sales in the area have fallen for 22 straight months on a year-over-year basis, but prices are still on the rise.
Six of the area’s nine counties saw a year-over-year increase in single-family building permit filings in October.
Surging mortgage rates and rising prices are keeping many prospective homebuyers on the sidelines.
Meanwhile, the median sales price for a house in the 16-county area in October jumped 3.9%, to $299,000, from the same month a year ago.
