An especially low inventory of homes for sale is driving up prices and requiring buyers to take unusual steps to secure the places they want.
Sales of existing homes in central Indiana showed a 2.5 percent decline in March, marking the 11th monthly decrease in the last year.
U.S. home prices climbed at more than double the rate of incomes in January, a trend driven by tight supplies that could ultimately create affordability challenges.
Sales of existing homes in central Indiana plunged nearly 10 percent in January as the number of properties on the market tumbled by an even greater percentage.
Steady job growth and low mortgages drew more buyers into the market, causing both sales and prices to climb steadily.
Pending sales of existing homes in the metro area fell 15.3 percent last month compared with October 2014, according to F.C. Tucker Co. Sale prices rose against shrinking inventory.
Home-sale agreements in central Indiana dropped for the fifth straight month in August, according to a report released Monday by real estate agency F.C. Tucker Co.
Area home-sale agreements are up 8.9 percent through the first four months of the year compared with the same time period last year.
Central Indiana home transactions were on the rise for the third straight month in February, a positive sign for the residential real estate industry after a disappointing year in 2014.
Existing home sales in the Indianapolis area fell 2.6 percent in 2014, breaking a string of three straight annual increases, real estate agency F.C. Tucker Co. said Thursday morning.