January’s housing market improves year-over-year
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As mortgage rates have dropped, home sales and new listings have improved year-over-year with two-thirds of Indiana counties seeing positive growth.
The Indiana Association of Realtors said 4,217 home sales closed in January, compared to 4,186 in the same month last year. The median sale price is unchanged from December 2023 at $235,000.
The association said the market’s year-over-year rebound shows that homeowners are returning to sell, aided by smaller mortgage rates and potential postponed moving plans from the year prior.
“There’s good news for both buyers and sellers in these January numbers,” IAR president Jennifer Parham said in a news release. “Price growth is obviously positive for sellers – and rising property values continue to prove that homeownership is a great investment for Hoosiers
Inventory rose by 4% with 5,898 homes listed for sale last month. Homes remained on the market for an average of 28 days, which is three days longer than last year.
Last year spelled a tough period for the state’s housing market with tight, fast inventory cooling in-part buying and selling. You can view the full January 2024 Indiana Housing Report by clicking here.