Indiana home sales dipped in April
Home sales across the Hoosier state fell 19% in April compared to the same month last year. The Indiana Association of Realtors said Monday the 6,170 total sales came as homebuyers dealt with elevated mortgage rates and falling inventory following a faster-than-expected start to the year.
Sales jumped nearly 60% from January to March, but inventory has dropped more than 30% over the past two months. April saw a daily average of 8,275 homes for sale, with new listings finishing 20% lower than the same month in 2022.
“Inventory isn’t as tight as 2021 or early 2022 but buyers should be prepared to be decisive if they find the right home,” IAR President Lynn Wheeler said in a news release. “We continue to see fewer new listings hitting the market with most current homeowners locked into lower mortgage rates and moving more cautiously.”
Wheeler said limited supply and recovering demand have kept home prices rising. The median sale price last month increased to $245,000.
“Price growth has slowed to about half last year’s pace, but Indiana’s year-to-date median sale price is still six percent higher than 2022 – a positive for potential sellers to consider,” she said.
Marion County led the state in total sales with 1,074, down 18% from April 2022. However, Posey and Gibson counties saw year-over-year increases in sales at 29% and 8%, respectively.