November, which is a typically slow month for the real estate market, still brought some good news for Hoosier homebuyers.

The state’s inventory of homes for sale rose for the seventh straight month – more options on the market – as mortgage rates have fallen six weeks in a row since late October and our median home sale price ($240,000) has dropped nearly 7% below its mid-summer peak.

Statewide home sales finished 8% below November 2022 with 5,870 closings, the first time this year-over-year gap has tightened to single digits since March. The positive trends also pushed new pending sales to within 1% of November 2022 (to 5,375 versus 5,440).

The $240,000 state median price was consistent from October to November  and remains 3% above 2022; homes sold in just over two weeks (15 days from listings to pending) for 95.4% of their original listing price.