Central Indiana Home Prices Rise

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Average home sale prices in central Indiana increased last month. F.C. Tucker Co. in Indianapolis reports prices in the nine-county region rose 2.1 percent compared to the same month last year.

While home prices rose last month, pended home sales declined 9.5 percent compared to January 2015. F.C. Tucker says low inventory affected home sales. Active home listings also declined 11.7 percent in the same period.

"Low inventory is a trend nationwide, and it can affect the health of the real estate market," said Jim Litten, president of F.C. Tucker Company. "The National Association of Realtors’ recent quarterly HOME study found 83 percent of current renters hope to own a home in the future. That demand may spark current homeowners to list their homes and perhaps help spur more sales in 2016."

Of the nine counties in central Indiana, five of them saw higher home sale prices last month. Morgan County had the highest increase at 18.8 percent. Hamilton County had the highest average sale price at over $271,000. Boone County had the largest decline in average sale price at 14.9 percent.

All nine counties reported fewer homes on the market last month with 1,107 fewer listings than January 2015.

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