INDIANA – In contrast to higher-than-average summer temperatures across the state, Indiana’s housing market continued to cool in July. Sales of existing homes are expected to finish nearly 10 percent below July 2021, according to data estimates from the Indiana Association of REALTORS®.
Median sales price also dipped to $246,000 last month after reaching $250,000 in June, though prices through July are trending 14 percent above 2021.
Year-to-date home sales are almost 4 percent below the first seven months of 2021. 8,581 closed sales had been reported from Indiana’s eight Multiple Listing Services through the first week of August, with July’s final tally expected to exceed 8,600 accounting for typical reporting intervals. More than 10,300 homes were also listed for sale in July, putting year-to-date listings two percent over 2021.
Lawrence County (showingtime.com) Lawrence County local report.
“The Federal Reserve has raised benchmark interest rates in four of the past five months and we’re seeing the impact on home sales in Indiana,” said Indiana Association of REALTORS® CEO Mark Fisher.
“But more homes are available for sale and mortgage rates have dropped from mid-June as the market anticipates the Fed’s anti-inflation plans – for determined buyers, the climate has improved.”
Year-over-year price increases also continued to diminish, with the median $246,000 sale price just ten percent over July ’21 (and the year-to-date increase over 14 percent). This is the fifth consecutive month of narrowing price gaps between 2021 and 2022.
While slowing price growth is positive news for buyers, Fisher noted that rising prices through two-quarters of falling economic output also offer reassurance in the stability of property values.
“Home prices are settling towards a more sustainable pace, but still gained over 14 percent this year while the national economy shifted into reverse,” he said. “For Hoosier homeowners and sellers, that’s a sign that housing remains a great wealth-building investment and a valuable commodity even as we enter a more balanced market.”
Other key highlights from July’s preliminary data:
Learn more about Indiana’s housing market at www.IndianaRealtors.com.
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