Tightening Inventory Drives Drop in Home Sales

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The company says home prices averaged $186,696 in central Indiana last month. The company says home prices averaged $186,696 in central Indiana last month.

F.C. Tucker Co. in Indianapolis is reporting July home sales in central Indiana were down 3.5 percent compared to the same month last year. The company says, in the 14-county region, there were 2,000 fewer homes on the market compared to July 2015, which is a 16.5 percent decrease.

Out of the 14 counties tracked by Tucker, six saw increases in home sales, with Madison County seeing the biggest increase at 10 percent over last year. The company says every county, except for Bartholomew County, saw decreases in inventory, with Marion County seeing a 20 percent drop. It's the first time since 2013 that Marion County's inventory dropped below 5,000 active listings.

"We’re seeing the effects of low inventory throughout central Indiana," said Donna Kreps, president of residential real estate services at F.C. Tucker Co.  "Low inventory affects affordability, which is a crucial part of the housing market. When more affordable homes proliferate throughout the market, then we’ll see more positive gains for everyone overall."

However, the company reports overall year-to-date home sales are up 3 percent compared to this period last year.

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