Realtor group: market slowly stabilizing
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The Indiana Association of Realtors says the Hoosier housing market is beginning to stabilize but challenges still exist. The organization says 4,158 existing homes were sold statewide during the first month of 2023, a 26% decline compared to January 2022. While still a double-digit drop, the association says the year-over-year gap, such as those in November and December, is not as severe.
“January brings signs of stability after watching last year’s monthly sales fall further and further behind 2021,” said Indiana Association of REALTORS CEO Mark Fisher. “With inflation improving and mortgage rates trending down since November, we’re hopeful these numbers represent a plateau that pivots into a recovery in the months ahead.”
January reflected a typical seasonal decrease in sales and prices from December. Indiana’s median sale price was $215,000, falling 4.5% from December but remaining 3.5% above January 2022.
Fishers says home sellers appear more willing to enter the market. The organization says 5,673 new listings were added to the marketplace in January, which is 27% higher than December. It’s still 12% below a year ago.
“Inventory rose through last year’s slower market, making 2022 Indiana’s first year-over-year increase in inventory since 2014,” Fisher said. “That means more options for homebuyers as lending conditions improve and demand recovers.”
Median days on market grew to 25 days from listing to pending, driving the growth in inventory. Fisher adds home price gains have also slowed to the benefit of homebuyers.