Inventory remains low. As of Sept. 1, the region had just two months of supply—10% less than at this time last year—meaning it would take just two months to sell out the current inventory of houses if no more came on the market.
Sales of existing single-family homes rose 1.8% in central Indiana in September—only the second month of increased sales this year on a year-over-year basis.
This summer, houses in central Indiana sold after being on the market an average of just one month, half the time of homes sold in 2015. And that’s the average of all houses. Those that are move-in-ready and in desirable neighborhoods—the kinds of homes most buyers are looking for—are often sold within hours or, at most, a few days.
Housing inventory remains low at just 1.6 months, meaning that’s how long it would take to sell the region’s available housing. That’s down 5% from a year ago, when inventory was already tight.
The median sales price for an existing single-family home in the Indianapolis area increased 10.1%, to $200,295, marking the third straight monthly record.
Median home prices in central Indiana reached an all-time high in June amid tighter inventories and fewer new listings.
On a year-to-date basis, closed sales of existing homes in the 16-county Indianapolis area are down 3%, to 12,731.
The Fishers City Council on Monday night approved a development agreement between the city and Indianapolis-based Scannell Properties, which has 14 residential parcels under contract south of the Nickel Plate District.
On a year-to-date basis, sales of existing single-family homes are down 3.8 percent in the area, to 9,249.
Becoming a homeowner is likely to get more costly and competitive over the next decade as millions more Americans enter the age range where people typically seek to buy their first home.
Marion County, however, saw a 4.7 percent increase in closed home sales in March amid rising inventories.
Higher prices, low inventories and climbing interest rates have all combined to slow growth in the market. And colder-than-usual weather last month didn’t help.
The number of active listings in central Indiana—at 5,077 at the end of February—remains low, although it’s 15 percent higher than at the same time a year ago.
Last year turned out to be the busiest year for builders in more than a decade, but filings have been slowing since the fourth quarter.
One encouraging sign for future months was pending home sales, which rose 17.1 percent in January.
Would-be homebuyers are increasingly priced out of the market as years of climbing prices and strained inventories have made ownership too costly.
Higher prices, low inventories and climbing interest rates have all combined to slow growth in the market.
Average home prices continued to rise in November in the 15-county area amid tight inventories.
Sales and prices for existing homes were both on the rise in October in the 15-county area, according to the latest data from the MIBOR Realtor Association.
Existing-home sales in central Indiana fell in September, the third month of declining sales out of the last seven, amid subpar home-buying conditions.
