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Sales of previously owned homes in June fell 5.4% from May, according to a monthly report from the National Association of Realtors. Lawrence Yun, chief economist for the Realtors said the slide of home sales is due to “plunging affordability. We have never seen mortgage rates shoot up this fast at this magnitude. Even people who want to buy, they are priced out.”

There were 1.26 million homes for sales at the end of June. Inventory now stands at a three-month supply.

The median price of an existing home sold in June set yet another record at $416,000, an increase of 13.4% year over year. The average time a home spent on the market was 14 days. Mortgage applications fell to a 22-year low last week.

A "for sale" sign stands outside a home

Photographer: Daniel Acker/Bloomberg via Getty Images

Where Are The Priciest Homes In Indiana?

Stacker compiled a list of cities with the most expensive homes in every state using data from Zillow. Cities are ranked by the Zillow Home Values Index (ZVHI) for all homes as of May 2022.  Charts for each city show the monthly typical home value since January 2018.

Indiana: Dune Acres

– Typical home value: $865,245

– 1-year price change: +5.8%

– 5-year price change: +22.6%

– Metro area: Chicago-Naperville-Elgin

Dune Acres is located in the duneland of the south shore of Lake Michigan.

Where Are The Most Affordable Homes In Indiana? created a list of the 10 cheapest places to live in Indiana in 2022. These are the top 3 locations from the list:

Rushville: Situated between Indianapolis and Cincinnati, Rushville ranks as the cheapest place to live in Indiana for 2022.

Rushville has a low overall cost of living; about 15% below Indiana and 25% below the national average. The median home price in Rushville is $90,900.

Booneville: Boonville is a city in Boon Township, Warrick County, Indiana. The population was 6,246 at the 2010 census. The city is the county seat of Warrick County.

North Manchester: Located about 35 miles west of Fort Wayne, North Manchester is the third most affordable city in Indiana. At a median price of $103,400, homes in North Manchester are some of the most expensive you’ll see on this list. But because residents earn a median income of $59,189, the town has one of the lowest home price to income ratios in the state.