July’s real estate data from the Indiana Association of Realtors home sales and new listings continued to fall below 2022 last month as limited inventory and mortgage rates still hovering near 7% slowed the mid-summer buying season.

Monthly closed sales hit 6,941 across the state as homebuyers faced a one-two punch of high mortgage rates and fewer options on the market…this sales total was 19% below July 2022.

New listings dropped to 8,560 in July, down 17% from 2022, causing total inventory to dip below 2022 levels as well – just over 10,000 homes listed for sale on a given day through July across our eight MLS marketplaces.

Tight supply kept July’s statewide median sale price ($256,250) virtually unchanged from an all-time Indiana high of $256,950 in June.

Homes continued to sell at a brisk pace by historic standards – eight days from listing to pending – at these prices, good news for sellers even with lower demand.

For buyers with the budgets with navigate higher rates, MLS data also shows more price drops as the market cools.