IBJNews

Home-sale agreements continue disappointing trend

Back to TopCommentsE-mailPrintBookmark and Share

Real estate agency F.C. Tucker Co. Inc. said Monday morning that home-sale agreements in central Indiana sank 22.8 percent in February, compared with the same month last year. That marks the sixth straight month of year-over-year declines, dating back to September.

February's slide was only a slight improvement from the 31-percent fall recorded in January.

Buyers in the nine-county area in February signed agreements for 1,784 homes, down 527 from February 2013.

In Marion County, agreements fell 20.2 percent, to 760. Hamilton County experienced one of the steepest drops in the area, 30.3 percent, to 354 agreements.

In Johnson County, agreements decreased 19.1 percent, to 165. Hendricks County experienced a much more severe drop, 31.3 percent, as agreements tumbled to 156.

Boone County saw the biggest decrease, 39.5 percent, but recorded only 52 agreements.

Inventory in the nine-county area continued to fall. The number of homes on the market in February dipped 12 percent, to 9,229, from the year-ago period.

F.C. Tucker President Jim Litten attributed the disappointing numbers to the prolonged wintery weather conditions but hoped for a turnaround as spring approaches.

Higher mortgage rates and tighter inventories also have contributed to the weaker numbers.

On a more positive note, the average year-to-date sale price in the area rose 7.2 percent, to $155,886, compared with February 2013. The average price for Marion County homes was up 5.9 percent, to $117,757. The average Hamilton County price jumped 7.6 percent to $252,643.

One central Indiana home that sold in February was priced above $2 million, and four fetched between $1 million and $2 million. Fifty-three were priced between $500,000 and $1 million.
 

ADVERTISEMENT

  • $7 jobs
    $7/hour jobs are not intended for homebuyers. Less than 8% of people working minimum wage jobs are the primary earner, and over 75% of them are teenagers who live at home. That's real data.
  • Home Sales & Snow
    Sorry, people just don't buy homes when it's crappy snowy, cold weather. They also don't list their homes for sale because people know that noone is going to buy it in this weather. This number is so skewed, it's not even funny.
  • The Color is Green
    Home sales are down. Wages are down. $7 per hour jobs do not create home buyers Duh

    Post a comment to this story

    COMMENTS POLICY
    We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
     
    You are legally responsible for what you post and your anonymity is not guaranteed.
     
    Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
     
    No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
     
    We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
     

    Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

    Sponsored by
    ADVERTISEMENT

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
     
    Subscribe to IBJ
    1. Can your dog sign a marriage license or personally state that he wishes to join you in a legal union? If not then no, you cannot marry him. When you teach him to read, write, and speak a discernible language, then maybe you'll have a reasonable argument. Thanks for playing!

    2. Look no further than Mike Rowe, the former host of dirty jobs, who was also a classically trained singer.

    3. Current law states income taxes are paid to the county of residence not county of income source. The most likely scenario would be some alteration of the income tax distribution formula so money earned in Marion co. would go to Marion Co by residents of other counties would partially be distributed to Marion co. as opposed to now where the entirety is held by the resident's county.

    4. This is more same-old, same-old from a new generation of non-progressive 'progressives and fear mongers. One only needs to look at the economic havoc being experienced in California to understand the effect of drought on economies and people's lives. The same mindset in California turned a blind eye to the growth of population and water needs in California, defeating proposal after proposal to build reservoirs, improve water storage and delivery infrastructure...and the price now being paid for putting the demands of a raucous minority ahead of the needs of many. Some people never, never learn..

    5. I wonder if I can marry him too? Considering we are both males, wouldn't that be a same sex marriage as well? If they don't honor it, I'll scream discrimination just like all these people have....

    ADVERTISEMENT