Real Estate Summary: May 2024 Housing Market Report – Indianapolis News | Weather in Indiana | Indiana traffic

INDIANAPOLIS (WISH) — May was one of the best months for real estate sales in Indiana since last year, when more than 4,000 homes were listed.

Dan Brown is a Realtor with FC Tucker. He joined Daybreak on Tuesday for the monthly Real Estate Rundown, where he discussed the latest data from the FC Tucker Housing Market Report for May.

“The rollercoaster is driven by interest rates. The modulation that we’re seeing… you know, rates usually move half a point in a year, and now they’re moving half a percentage point in a month. Everyone is watching them, both buyers and sellers, because it affects their affordability both when buying and selling,” Brown said. “Last week they dropped below 7%. As a result, prices rose to record high levels.

According to a report by FC Tucker, the average home price in Indiana has reached an all-time high of over $310,000 and increased by $15,000 in May.

In terms of inventory, the total number of homes for sale exceeded 4,000 for the first time since last year, up 10% last month and 20% compared to May 2023.

According to Brown, the better selection gave buyers more reasons to be interested, but the increased sales kept the day on market steady, averaging about 30 days.

Brown pointed out an interesting data point: Indiana averages about 3,000 homes a month under contract, but more than 1,000 were not closed in May. That’s 1/3 of deals that started with an accepted deal and fell apart without closing.

He says the number has been high for several months and has never been this high before, typically averaging 20% ​​or less.

Why? Brown believes that buyers and sellers have very different expectations, usually regarding inspection and repair terms.

Watch the full interview above in the May issue of Real Estate Rundown.