Indiana July home sales drop 19% year-over-year
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Indiana home sales continue to follow the downward trend this year as the limited housing inventory leads to a slow buying season. July featured a sales drop of 19% year-over-year according to the Indiana Association of Realtors.
Monthly sales tallied 6,941, which was likely due to both higher mortgage rates nearing 7% and fewer market options, the organization said. The year-to-date total is 44,406, which is 15% below last year.
New listings dipped to 8,560, a drop of 17% from last year. Over 10,000 homes were for sale on any given day in July 2022. The total for the year is 54,207.
IAR president Lynn Wheeler said in a news release Indiana has fared better than most of the country. While the National Association of Realtors reports a 23% decline in the first six months of the year, Indiana has recorded a 14% drop.
“Even though closings are down, our median sale price has hit an all-time high and buyers are still moving quickly when new homes hit the market,” Wheeler said. “Hoosier homeowners are still doing very well when they decide to make a move and list with a professional.”
The median home sale price stayed nearly the same at $256,250, the second-highest median price of the year after June. The highest median price of 2022 was $250,000 in June. The period from listing to a pending sale was about eight days.