Indiana home sales in May hold steady over 2023
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A new report from the Indiana Association of Realtors shows home sales in May stayed flat compared to the same month last year. A total of 7,394 sales were reported statewide, which is also a 10% jump over April.
However, new listings continued their growth with 9,595 homes being listed for sale in May, up 5% from 2023 and 11% higher than April.
Year-to-date, home sales are 1% over the first five months of 2023, while new listings are 6% higher.
“We have more homes for sale across Indiana heading into summer than we have since 2020,” said IAR President Jennifer Parham, the managing broker of Lighthouse Realty in Merrillville. “With less inventory pressure but continued affordability challenges, buyers are taking some extra time and weighing their options even as sales continue to outpace 2023.”
The median home sale price increased to $265,000 in May, up 4% over 2023. Parham noted that while that median sale price is a historic high, the numbers also show a more balanced market paying off for homebuyers.
“Property values and housing prices continue to rise across much of Indiana,” Parham said. “But with more inventory, we’re also seeing more homes with price adjustments and final sale prices further below their original listing price–signs of buyers gaining a little more leverage.”
Metropolitan areas in northern Indiana continued to see the biggest year-over-year jumps in home closings last month, with South Bend leading the way at 16% (351 closings), along with Elkhart at 16% (200 closings) and Fort Wayne at 6% (527 closings).
You can connect to the full May Housing Report from the Indiana Association of Realtors by clicking here.