Indiana home sales rebound in August
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Home sales throughout the state saw a bit of a rebound last month, according to data from the Indiana Association of Realtors. The organization says Indiana saw just over 7,400 sales in August, marking the second-highest monthly total for 2023.
While statewide sales were up 6% over July, they remain 18% below the same month last year.
“August brought a market rebound after a slower July,” IAR President Lynn Wheeler said in a news release. “Fluctuating mortgage rates and fewer new listings have obviously taken a toll on homebuyers this summer but closings started to catch up with seasonal trends as we headed towards Labor Day.”
The state added nearly 9,000 new home listings in August. However, the IAR said while inventory has shown month-over-month improvement, the number of homes listed for sale is about half of 2019 levels.
Indiana’s median home sale price was $255,000 in August, a slight decrease from July. Wheeler said the state is starting to see the typical easing of list and sale prices heading into the fall.
“Buyers who didn’t find the right home over the summer have more options and less competitive pressure today,” she said. “Limited supply still gives sellers excellent odds of seeing their home sell relatively quickly and for a higher price than in 2021 or 2022, with professional guidance and a sales strategy that matches the current market.”
Year-to-date, Indiana’s total number of home sales is 51,800, which is 15% below last year. The number of listings at 63,220 is also 15% below the first eight months of 2022.
While most of Indiana’s 92 counties saw a drop in year-over-year home sales, a few saw big increases. Warren County saw a 125% increase in August, along with Rush County at 111% and Clay County at 69%.
You can view the full breakdown in the IAR’s August Indiana Housing Report.