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nine-county
area remain well below levels of a year ago, according to a report released
today by F.C. Tucker Co.
Pended home sales in May
were down 11 percent from the same month a year ago, falling from 2,501 to
2,227, the Indianapolis-based real estate company said.
Year-to-date, the decline is
even steeper, with pending homes sales falling 12.8 percent over the first five
months of 2008.
Pended home sales account for
sales agreements, not sales that have closed.
Sales agreements dropped
dramatically in Shelby and Hamilton counties in May, falling 27.5 percent and
15.7 percent, respectively, over the same period a year ago. Pended home sales
fell 14 percent in
The news wasn’t so bad
everywhere. Pended sales rose in two counties – Boone and Madison – which
registered increases of 4.8 percent and 2.1 percent, respectively. Those houses
sold for much less, however, with average prices falling 7.1 percent in Boone,
to $236,591, and dropping 12.1 percent in
to $67,192.
In the nine-county region,
the average sale price dropped 9.5 percent in May, to $129,672, compared to the
same time last year.
The average price dropped the
most in
$72,617. The sale price in
than 1 percent, to $160,165.
Prices in
None of the nine counties registered an increase in the average sale price.
On a positive note, the
number of homes on the market fell 18 percent compared with May 2008, meaning
the available inventory may be beginning to stabilize, John Snavley, senior
vice president of F.C. Tucker, said in a prepared statement.
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