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Area home sales creep up after faltering in July

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Home sales in central Indiana crept 3-percent higher in August as prices rose modestly and the inventory of available homes slipped.

Real estate agency F.C. Tucker Co. reported Monday morning that 2,415 sale agreements were reached in the nine-county metro area in August, a 3-percent bump from 2,344 homes in the same month last year.

The tiny increase was a relief for local industry watchers, after year-over-year sale agreements faltered in July for the first time in more than two years.

The U.S. housing market is showing signs of cooling as higher prices and interest rates conspire with shrinking inventory to slow sales, according to The Wall Street Journal.

Pending sales rose 2.5 percent in Marion County, from 1,005 in August 2012 to 1,030 in August 2013. Counties with the greatest percentage increases were Shelby, with a 75.7 percent rise (37 to 65 homes); Hancock, with a 22.4 percent jump (85 to 104 homes); and Johnson, with a 13.6 percent improvement (169 to 192 homes).

High-end powerhouse Hamilton County saw its pending sales dip 4.7 percent, from 508 homes to 484. Contracts also fell in pricey Boone County, tumbling 11 percent (91 to 81 homes).

Year-to-date, pending sales for central Indiana are up 18.6 percent compared with the first eight months of 2012.

Available homes for sale in the region dropped 9.4 percent in August 2013, with 11,965 homes on the market—1,242 fewer than in August 2012. Marion County’s inventory dropped 9.1 percent (5,867 homes to 5,331).

Boone County has the area’s highest average home price, year-to-date, at $256,019. That’s down a smidge—0.3 percent—from a year ago. The average home price in Hamilton County is up 3.9 percent to $250,299. The average sale price in Marion County rose 8.4 percent to $128,671.

There were three agreements in August for homes in the region priced above $2 million, according to Tucker. Another three were priced between $1 million and $2 million. Forty-four sold at prices between $500,000 and $1 million.
 
 

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  1. The east side does have potential...and I have always thought Washington Scare should become an outlet mall. Anyone remember how popular Eastgate was? Well, Indy has no outlet malls, we have to go to Edinburgh for the deep discounts and I don't understand why. Jim is right. We need a few good eastsiders interested in actually making some noise and trying to change the commerce, culture and stereotypes of the East side. Irvington is very progressive and making great strides, why can't the far east side ride on their coat tails to make some changes?

  2. Boston.com has an article from 2010 where they talk about how Interactions moved to Massachusetts in the year prior. http://www.boston.com/business/technology/innoeco/2010/07/interactions_banks_63_million.html The article includes a link back to that Inside Indiana Business press release I linked to earlier, snarkily noting, "Guess this 2006 plan to create 200-plus new jobs in Indiana didn't exactly work out."

  3. I live on the east side and I have read all your comments. a local paper just did an article on Washington square mall with just as many comments and concerns. I am not sure if they are still around, but there was an east side coalition with good intentions to do good things on the east side. And there is a facebook post that called my eastside indy with many old members of the eastside who voice concerns about the east side of the city. We need to come together and not just complain and moan, but come up with actual concrete solutions, because what Dal said is very very true- the eastside could be a goldmine in the right hands. But if anyone is going damn, and change things, it is us eastside residents

  4. Please go back re-read your economics text book and the fine print on the February 2014 CBO report. A minimum wage increase has never resulted in a net job loss...

  5. The GOP at the Statehouse is more interested in PR to keep their majority, than using it to get anything good actually done. The State continues its downward spiral.

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