Area home sales decline for first time in 2-plus years

August 13, 2013

Residential sales agreements in the nine-county Indianapolis area fell slightly in July, marking the first year-over-year monthly decline in existing-home purchases in more than two years.

Real estate agency F.C. Tucker Co. said Tuesday morning that 2,457 sales agreements were reached in the area in July, a drop of seven home sales from July 2012.

The decline was minor, but it was the first one since April 2011. Since then, deals had risen for 26 straight months.

The pace of home-buying has fallen nationally due to higher mortgage rates, rising prices and lower inventories.

Pending sales rose 3.7 percent in Marion County, from 1,005 in July 2012 to 1,042 in July 2013. Deals climbed 30 percent in Hancock County, to 90, and 16 percent in Morgan County, to 95.

Housing hotbed Hamilton County saw pending sales decline 7 percent, from 569 to 529. Contracts fell 1.8 percent in Hendricks County, to 223, and dropped 4.4 percent in Johnson County, to 215.

Available homes for sale in the region dropped 20.3 percent in July 2013, with 10,912 homes on the market—2,781 fewer than in July 2012. Marion County’s inventory dropped 29.5 percent.

Year-to-date, pending sales are up 19.4 percent compared to last year, with 2,457 deals in the area.

The average sales price for an area home is up 5.9 percent so far this year, to $164,419. The average home price increased 8.2 percent in Marion County, to $127,941.

Boone County has the area’s highest average home price year-to-date, at $257,265. That’s up only 1.1 percent over a year ago. The average home price in Hamilton County is up 3.7 percent, to $248,346.

Three homes priced at more than $2 million exchanged hands in the area last month. Another eight were sold at prices between $1 million and $2 million.


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