(The Center Square) – Indiana was not immune to the nation’s slumping housing market in 2022.
Data from the Indiana Association of Realtors shows 88,821 existing homes were sold last year. That was a drop of more than 11% from 2021.
Mark Fisher, the association’s CEO, noted the sales figure was just 2% lower than in 2019, which was considered a strong year. The historic inflation rates that hit the country last year and the federal government’s efforts to control that hindered housing sales in 2022.
“Rising rates added more than $400 to the monthly payment on a $200,000, 30-year mortgage,” Fisher said.
Mortgage rates did decrease toward the end of the year, but Fisher said there aren’t as many houses on the market.
“We need more available homes at all price levels to rebuild a healthy housing market,” he added.
Realtors’ data shows Indiana remains an affordable market.
The annual median sales price of $235,000 was nearly 12% higher than in 2021, but that price is still well below the national median price of $384,500.
The data also showed it was a sellers’ market, as homeowners who put houses on the market got 99% of their original listing price. However, the group’s data also showed the monthly median price fell over the last six months of the year from $246,000 in July to $225,000 in December.
The sales declines hit large and small communities alike. Marion County, home to Indianapolis and the state’s most populous county, had just less than 15,000 homes change hands in 2022. That represented a decrease of 15% or more than 2,000 homes. Sales in Lake County, the second largest county, fell by 750 to 6,319 last year.
Ohio County, the state’s smallest county with less than 6,000 residents, saw sales drop 19%. Perry County sales fell by 36%.
Only 14 of the state’s 92 counties saw existing home sales increase last year from 2021. Fountain County in West Central Indiana saw a 24% increase, and neighboring Vermillion County, located just north of Terre Haute, saw sales rise 12%.
On the other end of the state, Randolph County, which lies along the Ohio border, posted a 14% increase.
Shelby County, just southwest of Indianapolis, saw home sales rise by 10%.