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Central Indiana pended home sales dip 10 percent in July INDIANAPOLIS – With local housing inventory continuing to rise, pended single-family and condominium home sales across the nine-county region slowed down in July. There were 2,640 homes pending in July 2006, a 9.6-percent decline compared with 2,919 in July 2005. Despite this downturn, home sales on the year continue to keep pace with last year’s record-setting performance with 19,543 homes pended through the end of July this year. There were 19,572 pended home sales over the same time period in 2005. “A marked increase in housing inventory across central Indiana continues to keep home sales at a slower pace than normal for the summer months,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “Historically, the Indianapolis area is a very balanced market; we’re also a traditionally steady market, which is why – despite the increased inventory and slower monthly sales – we are currently keeping pace with last year.” At the end of July 2006, there were 19,788 homes on the market in the nine-county region – a 15.8-percent increase over the 17,091 at the same time last year. In fact, inventory is up in each county, with increases anywhere from 11 to 36 percent.
Madison County continues to show the most noticeable growth, jumping 21.4 percent in July 2006 versus July 2005. The county is also performing well on the year, with a steady 3.5-percent increase over last year. The most striking downturn was in Boone County, which dropped 20.5 percent, with 70 homes pended in July 2006 compared with 88 during the same time period last year. That county, however, is not far off the mark on the year, having only four fewer homes pended in 2006 than in 2005. Leading the way for 2006 is Hendricks County. Through the end of July 2006, there were 1,671 homes pending – a 5.2-percent increase over 2005’s 1,589. Shelby County has experienced the greatest loss this year, down 8.0 percent over last year. Nationally, pended home sales in June 2006 increased slightly, up 0.4 percent from the previous month but are down 9.6 percent from June 2005, according to the National Association of Realtors’ Pending Home Sales Index, released Aug. 1. The Midwest inched up 1.9 percent in June 2006 but was 11.9 percent below a year ago. Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from MIBOR statistics on Aug. 9, 2006.
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