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.