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Indy's housing market posts strong September

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September was a strong month for the Indianapolis area's housing market, as building permits for new construction and pending sales of existing homes both jumped substantially. 

In the nine-county metropolitan area, the number of home-construction permits filed last month rose to 276, an increase of 22 percent from the same month in 2010, according to the Builders Association of Greater Indianapolis.

At the same time, home-sale agreements in the area rose 5.1 percent from September 2010, the fifth straight month of year-over-year increases. Sales agreements climbed to 1,634 last month, an increase of 80 over the same time last year, according to a report released Friday by F.C. Tucker Co.

Year-to-date sales agreements are down 2.7 percent from the same period in 2010.

The same holds true for building activity. Through the first nine months of the year, the number of filings remains 3 percent below last year’s level. A total of 2,862 permits have been filed through September.

In Marion County, 46 single-family building permits were filed last month, but that was still an improvement of 18 percent over September 2010. The county saw a 9.2-percent increase in September sales agreements from a year earlier, from 682 to 745.

The number of Hamilton County sales agreements rose 1.7 percent, from 292 to 297. The number of home-construction permits increased 12 percent, from 90 to 101. Permits also rose 12 percent in Hendricks County, from 41 to 46, while sales agreements increased 14.8 percent, from 142 to 163.

Available homes for sale in the nine-county region dropped 13.6 percent in September, with 14,595 houses on the market. Marion County's inventory fell 14.7 percent.

Year-to-date average sale prices are up 1.8 percent in 2011, from $149,905 to $152,554.

Meanwhile, the increase in September home-construction permits in the metropolitan area marked the third time they’ve risen by double digits within the past four months.

The nine-county area’s September increase matches the 22-percent jump in permit filings for August. The number of permits in July fell 3 percent from the same time in 2010, but they were up 29 percent in June.

The year got off to a rocky start as the first three months of 2010 saw double-digit decreases in permits filed.

 

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  • Tis the season
    The spike in building permits is not a sign of recovery in the housing market. This is simply the time of the year that builders pull permits to get slabs for specs in the ground before winter sets in. The housing market still needs a boost from Washington before it can ever hope to recover. Congress - are you listening? Real leaders take responsibility - not a vacation!
  • Wrong Guideline
    Increasing the supply of homes in a market filled with vacancies and for sale homes isn't good news.......what do you think put us where we are today?

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  1. We gotta stop this Senior crime. Perhaps long jail terms for these old boozers is in order. There are times these days (more rather than less) when this state makes me sick.

  2. One option is to redistribute the payroll tax already collected by the State. A greater share could be allocated to the county of the workplace location as opposed to the county of residency. Not a new tax, just re-allocate what is currently collected.

  3. Have to agree with Mal Burgess. The biggest problem is massive family breakdown in these neighborhoods. While there are a lot of similiarities, there is a MASSIVE difference between 46218 and 46219. 46219 is diluted by some stable areas, and that's probably where the officers live. Incentivizing is fine, but don't criticize officers for choosing not to live in these neighbor hoods. They have to have a break from what is arguably one of the highest stress job in the land. And you'll have to give me hard evidence that putting officers there is going to make a significant difference. Solid family units, responsible fathers, siblings with the same fathers, engaged parents, commitment to education, respect for the rule of law and the importance of work/a job. If the families and the schools (and society) will support these, THEN we can make a difference.

  4. @Agreed, when you dine in Marion County, the taxes paid on that meal go to state coffers (in the form of the normal sales taxes) and to the sports/entertainment venues operated by the CIB. The sales taxes on your clothing and supplies just go to the state. The ONLY way those purchases help out Indianapolis is through the payroll taxes paid by the (generally low-wage) hourly workers serving you.

  5. The government leaders of Carmel wouldn't last a week trying to manage Indianapolis. There's a major difference between running a suburb with virtually no one below the poverty level and running a city in which 21+% are below the poverty level. (http://www.census.gov/did/www/saipe/data/interactive/#view=StateAndCounty&utilBtn=&yLB=0&stLB=15&cLB=49&dLB=0&gLB=0&usSts_cbSelected=false&usTot_cbSelected=true&stateTot_cbSelected=true&pLB=0?ltiYearSelected=false?ltiYearAlertFlag=false?StateFlag=false?validSDYearsFlag=false)

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