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Area home sales decline for first time in 2-plus years

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Residential sales agreements in the nine-county Indianapolis area fell slightly in July, marking the first year-over-year monthly decline in existing-home purchases in more than two years.

Real estate agency F.C. Tucker Co. said Tuesday morning that 2,457 sales agreements were reached in the area in July, a drop of seven home sales from July 2012.

The decline was minor, but it was the first one since April 2011. Since then, deals had risen for 26 straight months.

The pace of home-buying has fallen nationally due to higher mortgage rates, rising prices and lower inventories.

Pending sales rose 3.7 percent in Marion County, from 1,005 in July 2012 to 1,042 in July 2013. Deals climbed 30 percent in Hancock County, to 90, and 16 percent in Morgan County, to 95.

Housing hotbed Hamilton County saw pending sales decline 7 percent, from 569 to 529. Contracts fell 1.8 percent in Hendricks County, to 223, and dropped 4.4 percent in Johnson County, to 215.

Available homes for sale in the region dropped 20.3 percent in July 2013, with 10,912 homes on the market—2,781 fewer than in July 2012. Marion County’s inventory dropped 29.5 percent.

Year-to-date, pending sales are up 19.4 percent compared to last year, with 2,457 deals in the area.

The average sales price for an area home is up 5.9 percent so far this year, to $164,419. The average home price increased 8.2 percent in Marion County, to $127,941.

Boone County has the area’s highest average home price year-to-date, at $257,265. That’s up only 1.1 percent over a year ago. The average home price in Hamilton County is up 3.7 percent, to $248,346.

Three homes priced at more than $2 million exchanged hands in the area last month. Another eight were sold at prices between $1 million and $2 million.
 

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  1. A Tilted Kilt at a water park themed hotel? Who planned that one? I guess the Dad's need something to do while the kids are on the water slides.

  2. Don't come down on the fair for offering drinks. This is a craft and certainly one that belongs in agriculture due to ingredients. And for those worrying about how much you can drink. I'm sure it's more to do with liability than anything else. They don't want people suing for being over served. If you want a buzz, do a little pre-drinking before you go.

  3. I don't drink but go into this "controlled area" so my friend can drink. They have their 3 drink limit and then I give my friend my 3 drink limit. How is the fair going to control this very likely situation????

  4. I feel the conditions of the alcohol sales are a bit heavy handed, but you need to realize this is the first year in quite some time that beer & wine will be sold at the fair. They're starting off slowly to get a gauge on how it will perform this year - I would assume if everything goes fine that they relax some of the limits in the next year or couple of years. That said, I think requiring the consumption of alcohol to only occur in the beer tent is a bit much. That is going to be an awkward situation for those with minors - "Honey, I'm getting a beer... Ok, sure go ahead... Alright see you in just a min- half an hour."

  5. This might be an effort on the part of the State Fair Board to manage the risk until they get a better feel for it. However, the blanket notion that alcohol should not be served at "family oriented" events is perhaps an oversimplification. and not too realistic. For 15 years, I was a volunteer at the Indianapolis Air Show, which was as family oriented an event as it gets. We sold beer donated by Monarch Beverage Company and served by licensed and trained employees of United Package Liquors who were unpaid volunteers. And where did that money go? To central Indiana children's charities, including Riley Hospital for Children! It's all about managing the risk.

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