November housing data from the Indiana Association of REALTORS: 6,335 closed home sales last month were 27% below November 2021 – but there are also signs of hope for the state’s housing market despite the year-over-year gap.

Even though new listings across the state also fell 19% below November ’21, Indiana’s overall inventory of homes for sale remained above 12,000 active listings for the third consecutive month (the highest levels since early 2020).

The state’s median sale price also decreased from $237,000 to $231,000 – but with mortgage rates still double the historically-low rates of last year, reduced prices and higher inventory weren’t luring many homebuyers into the market. At the same time, however, mortgage rates have been falling for four straight weeks after an encouraging October inflation report – there are signs that inflation has peaked and the Federal Reserve will begin slowing the pace of interest rate hikes this week.