INDIANAPOLIS — The Indiana Association of Realtors' June Housing Report is now available.
Data shows June home sales finished up 12% year-over-year with a statewide total of around 7,900.
Statewide home sales (38,022) finished one percent ahead of 2024 through the first six months of the year, pulling ahead since April as lower mortgage rates and more homes for sale helped pull more buyers into the market.
New listings (51,677) are up six percent over 2024 as more homeowners are taking advantage of rising property values to offset higher interest rates as they look to move; the state median sale price is a percent higher than last year, hitting $275,000 in June.
WRTV spoke with Indy-based realtor Terry Brown about what he’s seeing locally.
“We get a lot of clients moving here from California, New York, Chicago, for Eli Lily and other big companies. One of the things they like is the price point here and the cost of living," Brown said.
Brown says in Marion County, the median home price for sales last month was $254,000.
This is well below the national average, which, according to Zillow, is about $369,000.
The IAR report found fewer first-time buyers in the market in recent months.
Zillow Senior Economist Orphe Divounguy says the lack of affordability is preventing some from buying a home.
“The increase in prices. The increase in mortgage rates the past few years really means that the typical buyer today really needs a lot more to be able to get into the house," Divounguy said.
Mortgage rates are higher than they were just a few years ago.
But Brown says these numbers are typical and are not expected to return to pandemic levels.
“That was a historic time during the pandemic, we may never see it again. But the interest rate over the last 50 years has been seven percent. This is not something new for us," Brown said.
Brown says first-time home buyers may have to make compromises to get their foot in the door.
"Sometimes you have to trade off things a little bit and really prioritize what’s important to you," he said.
