Home sales see seasonal drop, but listings continue to rise
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Indiana home sales followed the typically slow seasonal trend in November, as well as the state’s larger downward trend, according to Indiana Association of Realtors data.
This year, the state’s market has consistently underperformed year-over-year, including closings and listings well below last year’s totals for the same month, the association said.
However, a bright spot from last month’s report is that the number of listings continues to rise—a 3% year-over-year increase with 6,567. It’s the seventh consecutive month-over-month increase, meaning about 13,241 houses were available on average in November.
“November is typically a slow month for real estate and these numbers are consistent with this year’s market,” IAR president Lynn Wheeler said in a news release. “Mortgage rates and home prices are higher today than they were last autumn – but sales were falling faster to close out 2022 as homebuyers were reeling from rates that had doubled in just ten months.”
Home sales were 8% below 2022 at 5,870 closings, which the IAR says is the first percentage gap since March to be in the single digits. The organization credits falling mortgage rates and more housing inventory as market stabilizers.
The median home price was $240,000, which was 3% above last year but down over 6% from earlier this year. Houses on the market sold in about 15 days.