Home sales slide in April, but inventory shrinks

May 14, 2008
Indianapolis-area home sales slipped in April, and the average price continued falling. But the inventory of houses on the market shrank, offering hope that the downturn might be slowing.

Pending sales of houses in the nine-county Indianapolis area fell 14.1 percent, to 2,520 units, from a year earlier, according to the Indianapolis brokerage F.C. Tucker Co. Inc.

The average sale price of $139,629 was down 5.4 percent.

Still, Tucker emphasized that the inventory declined, a sign that the market is moving toward a more equal balance between buyers and sellers.

The 18,996 houses available was down 1.8 percent from a year earlier. Madison County experienced the greatest decrease: 9.3 percent.

Jim Litten, who heads Tucker's residential division, said the decline, along with fewer new homes under construction, will help the market recover.

"The continual drop in inventory is a good sign for the overall market," he said. "It's a strong signal that our local market is continuing the process of balancing out demand and supply."

Tucker used Metropolitan Indianapolis Board of Realtors figures in its assessment.

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