Monthly real estate statistics showed a dramatic decrease in housing inventory throughout central Indiana last month. Despite the drop, F.C. Tucker Co. says pended home sales increased 13% in August, compared to the same month last year. The year-to-date average home price increased 9% to $246,726.
Inventory decreased an unprecedented 49% last month, with only 3,326 homes listed in August 2020. That represents 3,253 fewer homes available for sale than in August 2019.
The company says 4,334 homes were purchased in the 16-county region last month, up from 3,830 sold in August 2019. Of the counties tracked by F.C. Tucker, the average August home sale price was $259,932, an increase of 11%.
“We’ve never experienced such interesting trends in residential real estate as we have during the summer of 2020,” said Jim Litten, chief executive officer of F.C. Tucker Co. “Once again in August, the market remained very active, with homes selling quickly and for increased prices. However, fewer people are putting their homes on the market, creating an unprecedented shortage of homes available for sale.”
The company says all central Indiana counties experienced double-digit drops in housing inventory. Bartholomew County had the lowest inventory decrease at 28%, compared to August 2019. Brown County inventory decreased 61% compared to this time last year, the greatest decrease in central Indiana. Ten other central Indiana counties also experienced housing inventory decreases 50% or higher.
Year-to-date home sales continued to increase, and homes also left the market more quickly compared to this time last year.