An upturn in new listings in May was welcome news for an Indiana housing market that continues to confront inventory challenges in 2023.

According to the report, Fulton County experienced the largest positive percent change in sales from 2022 to this year, 78%.  Most Indiana counties still register a negative percent change of sales over same the time frame.

9,063 properties were listed for sale last month, up 14% from April while remaining 17% below May 2022. Total supply also rose to 8,773 average daily listings after threatening to dip below 8,000 in early April. This increasing inventory trend was accompanied by an 18% month-over-month increase in sales totaling 7,298 closings in May (down 16% from 2022 but closing a 19% year-over-year gap in April).

The market continues to show signs of pent-up demand from homebuyers held back by a slower rebound in listings. Homes continued to sell rapidly, with the median days from listing to pending contract falling again from eight to six days in May.

The median sale price also increased to $255,000, 4% over last month and May ’22, representing 98.1% of original listing price.

New pending sales continue to outpace closings through May in another sign of a summer warm-up the statewide real estate sector.