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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. What became of this project? Anyone know?

  2. Scott, could you post an enlarged photo of the exterior of the building? This will be a great addition to Walnut Street. This area will only continue to develop with additions like this. Also, please give us more updates on the "Cultural Trail light" expansion. Also a great move for the city, as long as there is maintenance money set aside.

  3. Great story IBJ! Citizens don't have a real sense of the financial magnitude of supporting Indy's sports and tourism sector. The CIB was a brilliant idea for creating a highly integrated public-private partnership to support this sector from the economic activity it generates. Unfortunately, most folks think the benefits of that economic activity accrue directly to the City budget, and it doesn't. So though the CIB is facing lean times (covering its costs while maintaining minimally acceptable reserves), the City is operating with deficit - less tax revenue than expenses each year - with a very fragile reserve balance. That's why it's so challenging for the City to fund basic needs or new intitatives (e.g. pre-k education; new jail), and some credit rating agencies have downgraded Indy from it's past stellar AAA status. More reporting on City finances would be welcomed.

  4. Sure, I'll admit that it bugs me to see that the IBJ.COM censors it's blog posts almost as much as the D of I does when someone points out the falsehoods and fabrications. _____But I think it bothers me almost as much that Captain/Defender/Disciple get his yanked too. You see, those of us with a sense of integrity, humanity, compassion, and a need for fact based opinion WANT to see all of his screeds posted. It makes our point so much better than we can do it ourselves.

  5. We're conflating two very different topics. Voter fraud is a myth and excessive gun violence is all too real. I just hope rational gunowners decide to stop being shouted down by the, well, let's call them "less rational" ones.

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