Realtors® Release June Central Indiana Housing Data

New housing data issued by the MIBOR Realtor Association for June 2023 shows no change in median sales price and decrease in active inventory compared to June 2022. 

The median sales price remained the same in June compared to June 2022, and remained the same compared to May 2023. New listings decreased 27.7 percent in year-over-year comparison. Active inventory decreased 3.5 percent in year-over-year comparison and increased 1.0 percent compared to last month. 

Pending sales decreased 12.8 percent in year-over-year comparison. Closed sales decreased 20.9 percent compared to last year. 

“Home prices in central Indiana held steady at the all-time high of $300,000 in June, unchanged from last month and the same as last June. Year-over-year closed sales of 2,988 were down 20.9%, the largest year-over-year drop since January, although sales rose slightly compared to last month. Pending sales are about 13% below last year, while new listings were down 27.7%. Similar to what we are seeing on a national level, the lack of inventory in central Indiana continues to keep home prices high and despite higher interest rates, the market remains solid,” said Shelley Specchio, CEO of MIBOR REALTOR® Association. “Median days on market have remained relatively steady, with June at 8 days, compared to 7 days in May 2023 and 5 days in June of 2022. While the market has slowed from the rapid pace of 2020 – 2022, the market continues to show resiliency.” 

Dr. Elliott Eisenberg, an internationally acclaimed economist and public speaker says, “The chronic lack of new listings due to mortgage lock-in continues to suppress inventory levels, and as a result, the market remains tight and in a ‘wait-and-see’ mode. Because of high rates, buyers are much more interest rate-sensitive than they were a year ago. A half-point move in interest rates in the current environment will result in larger swings in market activity than in the past. Until we have a downward movement in interest rates, it’s unlikely that we will see inventory rising. At the national level, year-over-year home prices continue to be relatively stable, showing that this remains a very strong market. In this cycle, despite rapid and steep interest rate increases, prices have barely budged because of the lack of inventory. And while many experts predicted that prices would decline more than they have, instead, seasonally adjusted year-over-year prices are starting to rise, and it’s likely that the worst may be behind us.” 

Additional central Indiana year-over year comparisons (June 2022 vs. June 2023) 

• Pending sales decreased 12.8 percent to 3,059
• Current median sales price: $300,000 
• Months supply of inventory: 1.2 months 
• Total active listings: 3,491

The attached MIBOR REALTOR® Association (MIBOR) Market Insights Report provides a market analysis of the 16 central Indiana counties within the MIBOR service area by creating a single, timely, reliable source of data. The report analyzes both month-over-month and year-over-year to give a view of the trends occurring in the central Indiana market.  

Effective immediately, issues of the MIBOR Market Insights Report will include new market information to gain further insight into local market performance. In addition to Average Days on Market data, the report will include Median Days on Market. Additionally, each reporting metric for all MIBOR data now has its own full page and a new chart has been added for each metric to compare it across all counties. Lastly, the name for the Absorption Rate metric has changed to Month Supply of Inventory.  

“In 2021, we began including the median for days on market because the housing market was changing rapidly, and the average was not adequately reflecting the pace of the marketplace. While we are no longer in the supercharged environment of 2020 and 2021, the median still provides a better measure for how long the typical home is on the market. Consider that the average days on market may be skewed by a handful of properties that are on market significantly longer than most listings. This could make the days on market appear greater than what a typical listing might experience. The median, being the midpoint (50 percent above and 50 percent below), is less prone to these outliers and provides a more reliable measure for days on market.” - Brad Coffing, MIBOR Research Analyst  

Consumers will also have access to specific county information for the 16 counties included in MIBOR’s Broker Listing Cooperative® (BLC®) listing service area: Bartholomew, Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Jackson, Jennings, Johnson, Madison, Marion, Montgomery, Morgan, Putnam, and Shelby counties.  

To coincide with the MIBOR Market Insights Report, MIBOR provides a consumer tool to allow members of the public to view a number of market metrics such as number of units sold, median sales price, number of new listings and more. The metrics are shown graphically to show the trends in the marketplace. To view the Market Insights tool, visit www.mibor.com/marketinsights.

This information has been provided by MIBOR REALTOR® Association, the professional association representing central Indiana’s REALTORS®. MIBOR serves the needs of over 10,000 members in Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Johnson, Madison, Marion, Montgomery, Morgan, and Shelby counties. MIBOR also supplies the BLC® service to REALTORS® in Bartholomew, Jackson, Jennings, and Putnam counties. MIBOR’s archive of housing data can be found at www.mibor.com/marketinsights.