The region saw 1,962 pended sales, compared to 2,235 in January 2007, said F.C. Tucker Co., which based the news on figures gathered by the Metropolitan Indianapolis Board of Realtors. Pended sales are accepted but have not closed.
All counties but Madison experienced declines. Shelby County posted the biggest decline, 35.4 percent.
The average price fell 4.9 percent, to $133,671.
Tucker President Jim Litten said he expects the market to improve by midyear as buyers "come off the sidelines."