Indy home sales likely slowing to ‘new normal’
Home-sale agreements tumbled 14.9 percent in the nine-county Indianapolis area in June, the tenth straight month deals have decreased, according to F.C. Tucker Co.
Home-sale agreements tumbled 14.9 percent in the nine-county Indianapolis area in June, the tenth straight month deals have decreased, according to F.C. Tucker Co.
The number of first-time homebuyers in May was near record lows at 27 percent, versus a historic average of 40 percent.
See the prices Indianapolis-area houses are selling for along with the most expensive recent sale, and a map of where people born out of state are most likely to live.
Old standbys are have been replaced by new features and colors. The changes range from rooms to styles.
Sales of previously owned U.S. homes posted the best monthly gain in nearly three years in May, providing hope that housing is beginning to regain momentum lost over the past year.
Homebuilders filed 530 single-family building permits in the metro area in May. That’s exactly the same number of permits that were filed in May 2013. Local construction numbers were better than national figures.
Figures for May add to evidence that about 14 percent fewer homes are selling this year in the nine-county area compared with the same point in 2013. But sale prices still are on the rise.
Home-sale agreements dropped nearly 20 percent in the nine-county Indianapolis area in April. Home prices continued to rise as inventories shrank.
The sharpest sales increase occurred among homes priced at $1 million or above. Sales fell in nearly every other price group.
Home prices rose, however, as inventory dwindled. The average area home price in March was $161,191, an increase of 6.1 percent compared with the same month of 2013.
Pricier houses are vanishing from the market faster than less-expensive homes due to a temporary bottleneck caused by rising demand and a slow recovery by builders.
Pending home sales in the nine-county area slid 22.8 percent in February compared with the year-ago period. That was only a slight improvement from the 31-percent fall recorded in January.
Home-sale agreements plummeted 31 percent in January, likely due to the record snowfalls and cold temperatures.
The Indianapolis Neighborhood Housing Partnership will use the funds to help qualified residents purchase homes and revitalize their neighborhoods.
Home-sale agreements in central Indiana plummeted 18.6 percent in December, as the market continued a downward trend.
Despite the monthly decline, year-to-date permit filings are up 18 percent over 2012. This year’s number through 11 months has already exceeded 2012’s full-year total.
Although area sales of existing homes are up 15.4 percent through the first 11 months of the year, the trend has reversed in recent months. Year-over-year sales have fallen in four of the last five months.
Although area sales are up 16 percent through the first 10 months of the year, the trend has slammed into reverse in recent months amid higher mortgage rates and tighter inventories.
For 34 years, Ward has been selling homes in the Indianapolis area, often to the city’s elite, racking up 12-hour days during her busiest times.
Home-sale agreements in central Indiana fell for the second time in three months in September amid higher mortgage rates and tighter inventories.