Home sales for Indiana were down in June while the median home price was on the rise, according to new data from the Indiana Association of Realtors (IAR).
Last month, Indiana recorded 6.898 home sales, down 7% from the previous month and down 14% from one year earlier. Through the first half of 2024, Indiana’s 36,610 home sales were only 2% below 2023 despite higher mortgage rates.
There were 8,896 new listings last month, down 7% from May and down 5% from June 2023. The state’s median sales price of $273,000 was up 3% from the previous month and up 7% from one year earlier. June’s median sale price represented 97% of listing price, down from 98% in June 2023.
“But remember that the median sale price is only based on homes that happened to close last month; we saw sales above $350,000 rise from May as fewer homebuyers with higher budgets had a larger share of the market,” said IAR President Jennifer Parham, who is also the managing broker of Lighthouse Realty in Merrillville. “This doesn’t mean there aren’t homes available at other price points. Nearly 4,000 homes were listed for less than $250,000 in June, and especially as rates improve determined buyers with professional support can still find options within their means.”
Photo: ilbusca / iStock
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