Indiana’s housing market continued to cool in July, according to data from the Indiana Association of Realtors. The organization says year-over-year existing home sales were down 10% last month, though median home prices were up 10% over July 2021.
Year-to-date, home sales are nearly 4% lower than the first seven months of 2021. Additionally, home listings are up only 2% over the same period last year.
Indiana Association of Realtors CEO Mark Fisher says the Federal Reserve’s raising of benchmark interest rates in four of the past five months has had an impact on home sales in Indiana.
“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,” Fisher said.
The association says while home prices have increased year-over-year, price growth is moving at a much slower pace. Fisher says that is positive news for buyers.
“Home prices are settling towards a more sustainable pace, but still gained over 14% [year-to-date] 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.”
In central Indiana, July 2022 home sales were down 12% compared to the same month last year.