Home sales jumped 21% month-over-month in February
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The state’s housing market saw a 21% jump in home sales from January to February, according to analysis released Monday from the Indiana Association of Realtors. The report said the 5,113 closings also marked a 3% increase over the same month last year.
February also had 6,499 new homes listed, an 11% increase from last year, according to the report. The first two months of 2024 combined for 12,397 new listings, which is a significant surge of almost 900 more than last year’s market slump.
The supply of homes did drop to an average of 10,213 available listings per day, a 14% decrease.
“Mortgage rates inched up last month but home sales hardly slowed,” Jennifer Parham, managing broker of Lighthouse Realty and 2024 IAR president, said in a news release. “The pace of the market shows growing confidence that we’re turning the corner on interest rates and inflation for the long haul; the average time from listing to pending sale dropped by over a week from the end of January to the last week of February.”
Marion, Lake and Allen Counties each saw positive year-over-year growth.
Additionally, the median sale price grew $3,000 to $238,000 in February. Parham noted the market remains challenging for first-time homebuyers.
“The number of homes for sale under $200,000 has dropped more than 10%,” she said. “With less inventory at ‘starter home’ prices and more competition from established homeowners, our best advice for first-time buyers is to know your budget, take advantage of professional guidance and expertise, and be prepared to be decisive when you find the right home.”
You can connect to the full February 2024 housing report by clicking here.