Industry News

Demand slips for Central Indiana real estate

Average time on market approaches 3 months

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Home sales and prices in Central Indiana increased modestly during the first half of 2006 compared to the same period last year, impacted by rising for-sale inventory, according to data compiled by F.C. Tucker Co. Home sales in the nine-county region surrounding Indianapolis eked out a 1.9 percent gain over the year-ago period, rising from 14,910 to 15,192. Average home sales prices gained 1.4 percent to $154,545, up from $152,469 during the January-June period in 2005. "We expected growth in 2006 to be slow and steady, and that's exactly what we're seeing," said H. James Litten, president of F.C. Tucker Company's Residential Real Estate Services Division. "Central Indiana has seen an increase in overall housing inventory, which has tempered growth slightly. However, the Indianapolis area is known for steadier growth than other areas of the country. The fact remains, it's still a great time to buy a home." Hendricks County experienced the most impressive growth in the first half ...