Indianapolis-area home sales continue to slump

Home-sale agreements in the nine-county Indianapolis area fell 20 percent in March compared to the same month of 2010, according to a report released Thursday by F.C. Tucker Co.

Sale agreements fell to 2,108 last month from 2,629 in March 2010. The decline marked the 11th consecutive month in which year-over-year sales slumped in the area. The area experienced three straight months of improving sales activity early last year thanks to generous federal tax incentives, but have been in a tailspin ever since.

In Marion County, March sales agreements fell 23 percent compared with the previous year, from 1,224 to 943.

Pending sales also dropped 23 percent last month in Hamilton County, from 551 to 423, and dipped 13.3 percent in Hendricks County, from 218 to 189. Sales agreements plummeted 26.6 percent in Johnson County, from 229 to 168.

Year-to-date, sales agreements are down 17 percent from the first three months of 2010.

The average year-to-date sale price in the Indianapolis area through March was $138,132, down nearly 1 percent from the same time last year, the report said.

Active listings fell 6.3 percent, from 15,794 in March 2010 to 14,793 last month.


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