IBJNews

Area home sales took big hit in May as credit expires

Back to TopCommentsE-mailPrintBookmark and Share

Home-sale agreements in the nine-county Indianapolis area fell 32 percent in May compared to the same month of 2009, according to a report released Wednesday by F.C. Tucker Co.

The Indianapolis-based real estate company attributed the drop to the April 30 expiration of the federal tax credit of up to $8,000 for first-time homebuyers and $6,500 for some repeat buyers. Many people intending to buy homes rushed to sign contracts prior to the deadline.

Pending home sales dropped from 2,257 in May 2009 to 1,545 last month. By comparison, home-sale agreements in April surged 33.8 percent in the Indianapolis area as buyers rushed to beat the deadline.

Pending home sales account for sales agreements, not sales that have closed.

Home-sale agreements fell from 990 in May 2009 to 712 last month in Marion County, a 28.1-percent decline. Hamilton and Hendricks counties, which trailed Marion in the number of sales agreements, registered even larger drops, 36.3 percent and 49.8 percent, respectively.

Inventory, or the number of homes on the market, increased from 15,801 to 16,278, a 3-percent increase from the year-ago period.

The average sales price for homes in the area in May was nearly $145,000, up from about $130,000 in May 2009.

Every county registered an increase of at least 1.6 percent in the average sale price. Prices in Marion County rose 17 percent, to $111,629.
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. How much you wanna bet, that 70% of the jobs created there (after construction) are minimum wage? And Harvey is correct, the vast majority of residents in this project will drive to their jobs, and to think otherwise, is like Harvey says, a pipe dream. Someone working at a restaurant or retail store will not be able to afford living there. What ever happened to people who wanted to build buildings, paying for it themselves? Not a fan of these tax deals.

  2. Uh, no GeorgeP. The project is supposed to bring on 1,000 jobs and those people along with the people that will be living in the new residential will be driving to their jobs. The walkable stuff is a pipe dream. Besides, walkable is defined as having all daily necessities within 1/2 mile. That's not the case here. Never will be.

  3. Brad is on to something there. The merger of the Formula E and IndyCar Series would give IndyCar access to International markets and Formula E access the Indianapolis 500, not to mention some other events in the USA. Maybe after 2016 but before the new Dallara is rolled out for 2018. This give IndyCar two more seasons to run the DW12 and Formula E to get charged up, pun intended. Then shock the racing world, pun intended, but making the 101st Indianapolis 500 a stellar, groundbreaking event: The first all-electric Indy 500, and use that platform to promote the future of the sport.

  4. No, HarveyF, the exact opposite. Greater density and closeness to retail and everyday necessities reduces traffic. When one has to drive miles for necessities, all those cars are on the roads for many miles. When reasonable density is built, low rise in this case, in the middle of a thriving retail area, one has to drive far less, actually reducing the number of cars on the road.

  5. The Indy Star announced today the appointment of a new Beverage Reporter! So instead of insightful reports on Indy pro sports and Indiana college teams, you now get to read stories about the 432nd new brewery open or some obscure Hoosier winery winning a county fair blue ribbon. Yep, that's the coverage we Star readers crave. Not.

ADVERTISEMENT