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Closed home sales jump 6% ahead of July 2023 at a $264,000 median price; pending sales slow in anticipation of even better conditions ahead

(INDIANAPOLIS, Ind.) Closed home sales totaled 7,405 across Indiana in July, 7% above June and 6% ahead of 2023 according to the Indiana Association of REALTORS® (IAR). Homebuyers capitalized on lower mortgage rates, more homes for sale than any other point in 2024 and easing price pressure, as the state median sale price dropped from $273,000 in June to $264,000 last month.

8,989 homes were also listed for sale in July, 5% higher than July 2023. The overall statewide inventory of homes for sale rose for the fourth straight month to 12,900 average daily listings, 27% above 2023.

New pending sales (7,025) slipped 5% from June to July, and these sales took a median of ten days – consistent with June but two days longer than 2023. IAR president Jennifer Parham noted that the improving market had homebuyers split between making their move and waiting to see how far interest rates might fall late in the summer.

“Home sales that closed in July represent a burst of buying activity earlier in the summer, with more homes on the market and mortgage rates dropping below 7% in June,” Parham said. “But with rates now at their lowest level in more than a year and prices coming down, there are definitely buyers taking their time and anticipating an even better market to come.”

With more homes listed for sale, steady pending sales and the time on market reflecting a more deliberate pace, Parham noted that buyers are already benefiting from a less competitive climate.

“Our median sale and listing price both dropped in July, with the sale price dipping below 97% of the listing price – lower than last summer,” she said. “We’re also seeing more homes with price reductions as buyers gain bargaining power.

“These trends make a real difference in budgets,” Parham added. “The monthly payment on a median-priced home in Indiana dropped nearly a hundred dollars in just the past month because of lower pricing and better rates.”

Improved affordability drove sales last month, as pending and closed sales under $250,000 outperformed sales above $250,000 from June through July, reversing recent trends that showed stronger sales activity among higher-priced homes.

“Inventory is still tight by pre-2020 standards and sellers are still receiving higher prices than last year,” Parham finished. “But the market is certainly more balanced than it’s been in the past four years – and we expect more homebuyers to take advantage as we close out the summer.”

Regional & Local Highlights:

56 of Indiana’s 92 counties saw closed home sales finish ahead of July 2023. At the regional level, several mid-sized metropolitan areas led year-over-year growth with gains over 20% from last year – Columbus (117 sales, +30% vs. July ’23), Kokomo (113 sales, +23%), Elkhart (183 sales, +21%) and Michigan City (107 sales, +20%) fall into this category. All these metros also featured median sale prices below the state’s $264,000 in July.

Among the state’s five largest metros, South Bend leads the way with 363 closings, 18% above last July at a median price of $236,500. (South Bend also claimed a top five spot among the REALTOR.com/Wall Street Journal’s Summer Housing Market Rankings.)

Fort Wayne earned the #1 spot on the same list, though sales took a small step back in July, with 502 sales (-1% below July ’23) at a $250,000 median price; the region is still running well ahead of statewide trends over the past twelve months.

The 11-county Indianapolis metro saw 2,893 July sales, up 3% year-over-year at a $305,000 median (again second to the Bloomington metro’s $312,500 for highest monthly sale price).

At the county level, notable July numbers include:

Marion County totaled 1,150 closings in July, matching its metro year-over-year trend (+3%) at a median sale price of $255,000.
Hamilton County again claimed the second-highest monthly sales total at 616,+9% versus July 2023 at a median price of $440,000.
Lake County had the third-most home sales in the state (473) in July but fell 3% below 2023 at a median sale price of $250,000.
Allen County (443 sales, down 1% vs. 2023) continues to see sales ahead of 2023 year to date despite July’s dip in closings.
Along the Ohio River, Clark County continues to outpace statewide trends, as its 178 sales were 13% over 2023 at a $274,000 median price (10% above July ’23).
As noted above, St. Joseph County (363 closings, 18% above last July) and Elkhart County (183 sales, +12%) lead the northern tier of urbanized counties.

Check out IAR’s full July Housing Report for more details.

Explore State, Local and Regional Real Estate Trends:

The Indiana Association of REALTORS® (IAR) makes MLS housing data available at the Indiana Housing Hub (https://data.indianarealtors.com); access reports for the state, metropolitan regions, REALTOR® association territories, individual counties and more.

The deadline for Central Indiana businesses to submit proposals for up to $3.7 million in funding to implement Central Indiana Waste Diversion Program (CIWDP) projects is Oct. 1, 2024.

Funding for successful applicant projects is through the Indiana Department of Environmental Management’s (IDEM) Recycling Market Development Program. Eligible waste diversion and recycling projects are restricted to Marion, Hamilton, Hancock, Shelby, Johnson, Morgan, Hendricks, and Boone counties, and implemented by private sector entities. Proposed projects must demonstrate waste diversion from landfills and incinerators and a dedicated Indiana-based market for commercial use of the material.

Applications should demonstrate an understanding of the infrastructure, supply chain, and changing economy for recyclers and seek solutions where organizations and communities can most effectively use monies to increase waste diversion in Central Indiana. Funding criteria includes the amount and type of waste diverted from landfills through the project and the potential for productive reuse of the diverted waste, with priority given to the largest amount of waste diversion potential through the project.

The Recycling Market Development Board will make final funding determinations in early Spring 2025.

To apply, visit recycle.IN.gov. For additional information about the Recycling Market Development Program, call 800-988-7901.

IDEM will host an information session on Wednesday, Sept. 4, 2024, at 2:00 p.m. to discuss this funding opportunity. The webinar will provide a summary of the CIWDP, including timeline, requirements, and application guidance. Interested entities with potential waste diversion and recycling projects that focus on Central Indiana are invited to attend.

Register today to learn more at: idem.IN.gov/recycle/central-indiana-waste-diversion-pilot-project

About the Recycling Market Development Program: The Recycling Market Development Program operates under the Recycling Market Development Board as established by IC 4-23-5.5. The grant money for the program comes from the Recycling Promotion and Assistance Fund, an account generated by a per-ton fee on solid waste disposed at Indiana landfills. The fund supports source reduction, reuse, recycling, and composting to prevent solid waste from permanent disposal.

In an effort to increase awareness about mental health resources in Indiana and reduce the stigma surrounding mental illness and addiction, Lt. Gov. Suzanne Crouch and the Indiana Mental Health Roundtable will be hosting the second Mental Health Matters Day at the Indiana State Fair on Friday, Aug. 16. Several Indiana organizations that lead initiatives related to mental health and provide mental health services to Hoosiers will be participating in Mental Health Matters Day.

The first Mental Health Matters Day was held at the 2023 Indiana State Fair where partners engaged with over 10,000 visitors from across the state.

WHO:

Suzanne Crouch, Lieutenant Governor of Indiana

Mental health providers and partners from across Indiana including the Indiana Department of Mental Health and Addiction, Riley Children's Health, Purdue University, Mental Health America of Indiana, Anthem Blue Cross Blue Shield, National Alliance on Mental Illness, Girl Scouts of Central Indiana, CareSource, Indiana Youth Institute, Community Health Network

WHAT:

A sponsored day at the Indiana State Fair to increase awareness about mental health resources in Indiana and to reduce the stigma surrounding mental illness and addiction

WHEN:

Friday, Aug. 16, 2024

9 a.m. - 9 p.m. ET

WHERE:

Indiana State Fairgrounds, across from the Harvest Pavilion

1202 E 38th St.

Indianapolis, IN 46205

Drive sober or get pulled over. That’s the warning state and local police agencies are issuing to drivers as Indiana gears up for its annual end-of-summer impaired driving enforcement campaign. Starting August 16 through September 2, officers across the state will be increasing patrols and sobriety checkpoints to crack down on those driving under the influence of drugs or alcohol.

The extra high-visibility enforcement is funded by the National Highway Traffic Safety Administration (NHTSA) through grants administered by the Indiana Criminal Justice Institute (ICJI).

“Driving drunk or drug-impaired is a problem for everyone,” said James Bryan, ICJI’s Traffic Safety Director. “Making the choice to operate a vehicle while impaired is never the right option.”

Alcohol-impaired driving continues to contribute to many deaths in Indiana. In 2023, around 20% of all traffic fatalities in Indiana involved alcohol impairment. Drug-impaired driving is another major contributor to deadly crashes. In 2023, nearly a quarter of all traffic fatalities involved drug impairment.

ICJI recommends celebrating the end of summer responsibly by having a safety plan in place. Even if you only have one drink, designate a sober driver or use public transportation or a ride service to get home safely. Never drive impaired or let friends get behind the wheel if they’ve been drinking.

To help people with their plans over the Labor Day weekend, ICJI is offering $10 off Uber and Lyft rides from August 30th through September 2nd. Up to 1,000 vouchers are available each day. Ride credits are available between 5 p.m. and 3 a.m. the following day and must originate in, or have a final destination of, Indianapolis or Fort Wayne.

To redeem a ride credit through the program, visit SoberRideIndiana.com. Then, click on “Redeem Ride Credits” and follow the instructions for the ridesharing service being used. Tips are not included in the discount, and users are responsible for any charges exceeding $10. Possession of the code does not guarantee the availability of the credit.

For more information on impaired driving, click here or visit www.nhtsa.gov.

About the Indiana Criminal Justice Institute The Indiana Criminal Justice Institute (ICJI) is the state planning agency for criminal justice, juvenile justice, traffic safety and victim services. ICJI is designated as the state administering agency for distribution of federal funds and as the state Statistical Analysis Center for research. ICJI is responsible for coordinating and collaborating with local, state and federal entities to identify, assess, plan, resource and evaluate new and emerging issues facing the criminal justice and public safety spectrum. Visit www.cji.in.gov to learn more about the agency.

IDVA is now taking applications for our 2024 Event Sponsorship Program.

The IDVA Event Sponsorship Program (ESP) is dedicated to providing sponsorship dollars for veteran-oriented events across the state. The ESP will provide up to $500 in sponsorship money for an event the applicant is hosting. The goal is to provide funds to ensure a local non-profit can host their event or to enable them to enhance their event. The organization must have an established plan, committee and mission, one that focuses on bringing services, resources and/or benefits to Indiana’s veteran community.

IDVA will provide our resources to help advertise your event and would like to have the opportunity to attend the event to promote state and federal veteran benefits and the statewide network of County Veteran Service Officers (CVSO).

Any non-profit can apply for the ESP. The specific event associated with the application must be honoring or celebrating the Indiana veteran community.

Please complete the application form and submit with required documents at least (60) days prior to your event. (*Only one application for the full amount of $500 per fiscal year, per organization will be considered. Current fiscal year is July 1, 2024 to June 30, 2025.)