Central Indiana home prices up more than 7 percent year to date
Inventory rises by 2.5 percent; four counties show increase in available homes for sale
INDIANAPOLIS – With average home prices reaching $173,393 in June 2014, home sales prices are up 7.4 percent compared to June 2013.
Seven of the nine counties that F.C. Tucker tracks experienced slightly higher home sales prices in the first six months of 2014 compared to the same time period last year. Shelby and Boone counties led the way with 21.3 and 10 percent increases, respectively, in average home sales prices. In Shelby County, homes sold for an average of $118,171, while homes in Boone County averaged $282,310. Hamilton, Hancock, Hendricks, Johnson and Marion counties also reported gains. Madison and Morgan counties experienced a decrease of 7.9 and 2 percent respectively.
In June 2014, pended home sales declined 12.5 percent year to date, with nine counties experiencing a decrease. In June, Shelby County saw the largest year-to-date decrease in pended home sales which fell 24.3 percent compared to the first six months of 2013. On a monthly basis, June 2014 pended home sales declined 14.9 percent over June 2013, a decrease of 445 homes sold.
“When comparing this year’s sales numbers to last year’s, it’s important to consider that 2013 was the fourth best year in Indianapolis real estate history,” said Jim Litten, president of F.C. Tucker Company. “In 2013, we were still recovering from the previous cycle of the housing downturn, so last year’s spike in sales was tremendous. I believe we’re likely approaching a ‘new normal’ where sales growth will be less dramatic moving forward.”
As pended sales declined, the number of homes for sale increased. Available homes for sale in the nine-county region rose by 2.5 percent in June 2014 with 12,000 homes...