Fewer listings slow housing market as experts reflect at mid-year
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Experts reflecting on the Indiana housing market at the year’s mid-point note both home sales and listings lag behind 2022 as homebuyers return to the market faster than sellers.
Just under 8,000 existing homes were sold in June, paired with 9,309 new listings, according to the Indiana Association of Realtors. Those numbers are down year-over-year by 13% and 23%, respectively.
However, the numbers do tick upward following a 19% home sale dip in April. May saw around 7,300 existing homes sold and 9,063 new listings.
The state’s median home price was $256,900 in June, which is a 5% increase from last year.
“Considering a move today means finding a new home and financing it at rates that have averaged more than 6.5% since January and are close to 7% today,” IAR president Lynn Wheeler said in a news release. “Even with prices still rising, more potential sellers are choosing to stay put.”
The state’s housing inventory was north of 13,000 in January, leading to an active first quarter. However, the decreasing availability has led to few listings and few sales as a result.