May’s monthly real estate update from the Indiana Association of Realtors, shows a few signs of homebuyers setting a more deliberate pace heading into the summer.

Closed home sales jumped 10% from April to total 7,394 in May (essentially matching last May’s 7,391 closings); sales were especially strong in north central and northeastern Indiana markets like South Bend and Elkhart, Fort Wayne and Kokomo, as well as Evansville.

9,595 homes were also listed for sale last month, 11% higher than April and 5% above May 2023. After holding steady in March and April, Indiana’s median sale price also increased from $250,000 to finish at $265,000 in May, up 4% from 2023.

With more homes hitting the market, overall inventory continues to rise; a daily average of 10,890 homes were available for sale in May, 26% higher than last year.

Mortgage rates fell in May but stayed above 7%. With rates in mind and less inventory pressure, buyers seemed to take a more cautious pace towards the end of the month. New pending sales (7,512) increased just 2% from April to May. These homes went from listing to pending in an average of nine days, faster than April but slower than May 2023 (six days).

Even though the state’s median home prices continue to rise, I was interested to see that prices are actually growing at their lowest annual rate since 2016 – another sign of a more balanced market.

May release here:  https://indianarealtors.com/indiana-realtors-market-release-may-2024/

May Housing Report in full

County-by-county home sales, new listings and median price, and more local data: https://data.indianarealtors.com