INDIANAPOLIS — There's bad news for Hoosiers looking to buy a home.
Prices are still rising as markets experience low inventory.
The median price for existing homes last month was $407,000, according to the National Association of Realtors.
That's almost 4% percent higher than a year ago.
And despite buyers competing for the few homes available, we're actually seeing a drop in the number of completed sales.
Prospective home buyers are also frustrated with increasing costs to finance. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 7.09% from 6.96% last week. A year ago, the rate averaged 5.13%.
It’s the fourth consecutive weekly increase for the average rate and the highest since early April 2002, when it averaged 7.13%. The last time the average rate was above 7% was last November, when it stood at 7.08%.