Existing-home sales jump 7 percent in Indianapolis area
Sales rebounded in July even though prices continued to rise and inventory continued to shrink.
Sales rebounded in July even though prices continued to rise and inventory continued to shrink.
Area builders saw a big jump in new-home applications in July, especially in Marion, Hancock and Hamilton counties.
Indianapolis-area builders saw rising interest in new homes in June, but the growth rate in that demand declined to its lowest point in 14 months.
It was a rare off-month for the market, which has experienced year-over-year sales increases in 27 of the past 32 months.
The number of active listings in central Indiana has inched up slightly after dropping to fewer than 5,000 earlier this year.
An especially low inventory of homes for sale is driving up prices and requiring buyers to take unusual steps to secure the places they want.
The total number of active home listings in the 15-county central Indiana region dropped 25 percent from the end of May 2017 to the end of last month.
Organizers of the affordable-housing and neighborhood-revival effort, designed to attract and retain teachers for urban schools, are set to unveil the first 15 homes.
Brooks Farm would feature 314 homes built by two builders, including attached villas and single-family homes.
The market rebounded from an off-month in March, when sales dropped 7.5 percent on a year-over-year basis—the first decline in seven months.
It was the first month sales have fallen since July and only the fourth month they’ve declined on a year-over-year basis in the past 29 months.
Area home builders saw more demand for new homes in the first quarter than they have since 2006, according to a report released Thursday by the Builders Association of Greater Indianapolis.
Pending home sales in the central Indiana dipped 0.7 percent last month compared to the previous year, although prices are up 5.3 percent so far this year, to nearly $194,000.
The total number of active home listings in the region plummeted 19.4 percent, from 8,489 at the end of February 2017 to just 6,845 at the end of last month.
It was the busiest January for builders since 2007, according to figures reported Monday by the Builders Association of Greater Indianapolis.
Home sales of $1 million or more in the Indianapolis area have skyrocketed 143 percent since 2012. Last year, nearly 150 such homes were sold, compared to only 61 five years ago.
Existing-home sales in central Indiana ticked up only slightly in December as inventories continued to shrink and price tags remained on the rise.
Area home builders in the nine-county area experienced their sixth straight year of rising sales.
The two brokerages sold a combined 1,671 homes in 2016 with a total value of $277 million.
The total number of active home listings in the region dropped 18.9 percent on a year-over-year basis at the end of November. New listings were down 5.5 percent.