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Area homes sales down for 6th straight month

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Home-sale agreements in the nine-county central Indiana region plunged 40.7 percent in October compared to the same month a year ago, according to a report released Thursday morning by F.C. Tucker Co.

Pending home sales dropped last month to 1,301, down from 2,195 in October 2009, the Indianapolis-based real estate company said.

The decline marked the sixth straight month that year-over-year home sales have slumped in central Indiana following three straight months of improving sales activity spurred by generous federal tax credits.

Pending sales were down 23 percent in September, 23 percent in August, 27 percent in July, 30 percent in June and 32 percent in May.

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

Year-to-date, sales agreements are off 9.7 percent from the same period in 2009, the report said.

In Marion County, October sales agreements fell 45.8 percent compared with the previous year, from 1,062 to 576.

Pending sales dropped 31.5 percent in Hamilton County, from 394 to 270, and 39.6 percent in Hendricks County, from 182 to 110. No area counties saw an increase in sales.

One bright spot in the residential market has been average sale prices, which have ticked up steadily this year. Through October, the average sales price of a home sold in central Indiana has been $150,282, up 8.6 percent from the same period a year ago, the report said.
 

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  • Perspective
    In re: the last paragraph -- if the change in the median price were added, it would illustrate that the increase is more due to the absence of first-time buyers than any increase in values.

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  1. I took Bruce's comments to highlight a glaring issue when it comes to a state's image, and therefore its overall branding. An example is Michigan vs. Indiana. Michigan has done an excellent job of following through on its branding strategy around "Pure Michigan", even down to the detail of the rest stops. Since a state's branding is often targeted to visitors, it makes sense that rest stops, being that point of first impression, should be significant. It is clear that Indiana doesn't care as much about the impression it gives visitors even though our branding as the Crossroads of America does place importance on travel. Bruce's point is quite logical and accurate.

  2. I appreciated the article. I guess I have become so accustomed to making my "pit stops" at places where I can ALSO get gasoline and something hot to eat, that I hardly even notice public rest stops anymore. That said, I do concur with the rationale that our rest stops (if we are to have them at all) can and should be both fiscally-responsible AND designed to make a positive impression about our state.

  3. I don't know about the rest of you but I only stop at these places for one reason, and it's not to picnic. I move trucks for dealers and have been to rest areas in most all 48 lower states. Some of ours need upgrading no doubt. Many states rest areas are much worse than ours. In the rest area on I-70 just past Richmond truckers have to hike about a quarter of a mile. When I stop I;m generally in a bit of a hurry. Convenience,not beauty, is a primary concern.

  4. Community Hospital is the only system to not have layoffs? That is not true. Because I was one of the people who was laid off from East. And all of the LPN's have been laid off. Just because their layoffs were not announced or done all together does not mean people did not lose their jobs. They cherry-picked people from departments one by one. But you add them all up and it's several hundred. And East has had a dramatic drop I in patient beds from 800 to around 125. I know because I worked there for 30 years.

  5. I have obtained my 6 gallon badge for my donation of A Positive blood. I'm sorry to hear that my donation was nothing but a profit center for the Indiana Blood Center.

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