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Existing home sales continue dismaying trend

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Home-sale agreements dropped 14.6 percent in the nine-county Indianapolis area in May, the ninth straight month of decreasing deals.

Pending sales of existing homes dropped from 3,149 in May 2013 to 2,690 in May 2014, real estate agency F.C. Tucker Co. reported Monday morning. Sales for the first five months of the year are down 14 percent from the first five months of 2013.

Area home prices continued to rise, however. The average year-to-date sale price in May for the metropolitan area was $168,669, a 7-percent jump from $157,604 in May 2013.

And for the first time in many months, the number of available homes ticked up a smidge in the year-over-year comparison. There were 11,414 homes on the market in May, up 48 from 11,366 in May 2013.

“Though sales have been slow to grow this year, we’re still optimistic,” said Jim Litten, president of F.C. Tucker Co., in a prepared release. “Affordability and low interest rates have been favorable for buyers looking to make smart purchases, so we hope to see more positive momentum in the coming months.”

Pending sales were down in seven of the area’s nine counties in May. The sole exceptions were Madison County, which logged a 13.4-percent increase, to 152 homes pending, and Shelby County, which jumped 35 percent, with 54 homes pending.

Marion County, by far the most active market, saw a 14.2-percent drop in sale agreements, from 1,315 homes in May 2013 to 1,128 homes in 2014. The average year-to-date sale price was $131,169, up 6.6 percent from $123,017 over the same period last year.

Housing hotbed Hamilton County took a 15-percent hit, sliding from 725 homes in May last year to 616 last month. The average year-to-date sale price in the county was $259,578, an 8.7-percent rise from $238,771 in the same period last year.

Hendricks County suffered a precipitous drop in pending sales, moving only 215 homes in May after 292 in the same month last year.

Deals fell 42 percent in Boone County, to 88 homes.

One home priced above $2 million sold in central Indiana in May. Six homes fell in the range of $1 million to $2 million. Nearly half the pended sales in the area (1,231) took place in the $100,000-to-$199,999 price range.
 

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  • Fools
    Apparently the fools who run our government do not realize that the $7 an hour jobs they are creating do not buy homes.
  • uniformed
    I love all of the anti capitalist comments that flood the IBJ by the blog trollers. I would blame increased prices on inflation
  • Re: Mikey
    But but but but...I thought the 1% are the job creators. You mean that I can't afford a $170,000 mortgage on a McDonald's hourly wage?
  • Is it possible...
    That there are just fewer "existing" homes available to purchase? Just because fewer are being sold doesn't necessarily mean its a bad thing.
  • Duh!
    lets see. the housing market is fueled by first time homebuyers. if you cant sell your homes you aren't moving onto nicer ones. lets see.... student debt is so bad you already have a mortgage right out of college. the unemployment rate is horrible, and even worse for college grads. corporate America won't pay fair wages or increase wages, yet the 1% continue to hoard everything. its not rocket science what is going on here.

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  1. I think the poster was being sarcastic and only posting or making fun of what is usually posted on here about anything being built in BR or d'town for that matter.

  2. Great news IRL fans: TURBO the IMS sanctioned movie about slugs running the Indy 500 has caught the Securities and Exchange Commission because Dreamworks had to take a $132MILLION write down...because the movie was such a flop. See, the Indy/IMS magic soiled another pair of drawers. Bwahahahahahaha! How's CARTOWN doing? HAHAHAHA...Indy is for losers.

  3. So disappointed in WIBC. This is the last straw to lose a good local morning program. I used to be able to rely on WIBC to give me good local information, news, weather and traffic on my 45 minute commute.Two incidents when I needed local, accurate information regarding severe weather were the first signs I could not now rely on WIBC. I work weekend 12 hour nights for a downtown hospital. This past winter when we had the worst snowfall in my 50 years of life, I came home on a Sunday morning, went to sleep (because I was to go back in Sunday night for another 12 hour shift), and woke up around 1 p.m. to a house with no electricity. I keep an old battery powered radio around and turned on WIBC to see what was going on with the winter storm and the roads and the power outage. Sigh. Only policital stuff. Not even a break in to update on the winter storm warning. The second weather incident occurred when I was driving home during a severe thunderstorm a few months ago. I had already gotten a call from my husband that a tornado warning was just southwest of where I had been. I turned to WIBC to find out what direction the storm was headed so I could figure out a route home, only to find Rush on the air, and again, no breaking away from this stupidity to give me information. Thank God for my phone, which gave me the warning that I was driving in an area where a tornado was seen. Thanks for nothing WIBC. Good luck to you, Steve! We need more of you and not the politics of hatred that WIBC wants to shove at us. Good thing I have Satellite radio.

  4. I read the retail roundup article and tried Burritos and Beers tonight. I'm glad I did, for the food was great. Fresh authentic Mexican food. Great seasoning on the carne asada. A must try!!! Thanks for sharing.

  5. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

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