Home-sale agreements in the nine-county Indianapolis area rose 16 percent in June compared with the same month a year ago, marking the second straight month of year-over-year increases after 14 months of declining sales.
Sales agreements climbed to 1,967 last month, up from 1,694 in June 2010, according to a report released Tuesday by F.C. Tucker Co.
The back-to-back increases were the first year-over-year rises in home-sale agreements since April 2010, when potential homebuyers rushed to sign contracts prior to the expiration of a generous federal tax credit. The special credit provided up to $8,000 for first-time homebuyers and $6,500 for some repeat buyers.
Sales fell dramatically last year after the tax credit ended, depressing residential real estate transactions for several months afterward.
While much higher than a year ago, June’s sales were 14 percent below what they were in the same month of 2009.
Year-to-date sales agreements are down 9 percent compared to the same period of 2010.
Marion County saw a 13-percent rise in June sales agreements from a year ago, from 781 to 886. Hamilton County deals rose 23 percent, from 328 to 402. Madison County saw a 33-percent increase, from 83 to 110.
Available homes for sale in the nine-county region dropped 7.5 percent in June, with 15,722 homes on the market. Marion County’s inventory dropped 11.5 percent.
Year-to-date sales prices are up 0.5 percent in 2010, from $147,257 to $148,030.
So far this year, sales agreements have been reached on 62 homes in the area priced at $500,000 or more.