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Hoosier Home Sales Drop 19% Year-Over-Year In July Report

(Source: https://goo.gl/CeSWsh License: https://goo.gl/sZ7V7x)

INDIANAPOLIS, Ind. (WOWO): Indiana home sales continue to follow the trend this year as the limited housing inventory leads to a slow buying season. July featured a sales drop of 19% year-over-year according to the Indiana Association of Realtors.

According to Inside Indiana Business, monthly sales tallied 6,941, which was likely due to both higher mortgage rates nearing 7% and fewer market options, the organization said. The year-to-date total is 44,406, which is 15% below last year. New listings dipped to 8,560, a drop of 17% from last year. Over 10,000 homes were for sale on any given day in July 2022. The total for the year is 54,207.

The median home sale price stayed nearly the same at $256,250, the second-highest median price of the year after June. The highest median price of 2022 was $250,000 in June. The period from listing to a pending sale was about eight days.

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