Home-sale agreements declined 13.8 percent in the nine-county area in July, the 11th straight month deals have decreased.
Pending sales of existing homes dropped from 2,725 in July 2013 to 2,350 in July 2014, real estate agency F.C. Tucker Co. reported Monday morning. Sales for the first seven months of the year are down 10.7 percent from the first seven months of 2013.
“Last year’s sales were historic—the fourth best year in Indianapolis real estate history—as the market continued its recovery from the economic downturn,” said Jim Litten, president of F.C. Tucker Co., in a prepared release. “Although this year’s sales appear less dramatic, they are still solid and signal that progress will likely be more subtle moving forward.”
Area home prices continued to rise. The average year-to-date sale price in July for the metropolitan area was $175,566, a 6.5-percent jump from $164,926 in July 2013.
Pending sales were down in seven of the area’s nine counties in July, compared with the same month last year. Marion County, by far the most active market, saw a 17.8-percent drop in sale agreements, from 1,147 in July 2013 to 943 last month.
The average year-to-date sale price in the county has grown 7 percent, from $127,884 in 2013 to $136,773 this year.
The area’s second most active market, Hamilton County, felt a 16.8-percent blow to pending sales, sliding from 625 in July 2013 to 520 last month. The average year-to-date sale price grew from $249,052 to $265,650.
Other big declines in pended sales came in Boone County, dropping 26.4 percent, from 106 homes to 78, and in Morgan County, where agreements sank 17.8 percent, from 101 to 83.
Among the two gainers, Shelby County led the pack with a 55.9-percent jump, to 53 homes.
Eight homes priced between $1 million and $2 million sold in central Indiana in July. Sixty-four fell in the range of $500,000 to $999,999. About 47 percent of the pended sales in the area (1,108) took place in the $100,000 to $199,999 price range.