INDIANAPOLIS - F.C. Tucker Co. in Indianapolis reports February home sales in central Indiana were down 3.5 percent compared with the same period last year. However, the number is an improvement over January, when sales were down 9.5 percent.

Average home sale prices increased 2.7 percent in February, compared with the same month last year. F.C. Tucker adds available inventory was down with 883 fewer homes on the market than February 2015.

"The Spring buying season will heat up the market, but the low level of inventory will keep demand in check," said Jim Litten, CEO of F.C. Tucker Co. “As this trend continues, it’s more apparent average sale prices will only continue to rise. Other factors, such as an increase in flipped homes and the popularity of certain neighborhoods, aid the rise in prices; but currently, the lack of inventory contributes most to climbing home prices.” 

F.C. Tucker says Madison and Hancock counties saw double-digit growth in pended sales last month. Marion County sales rose slightly while Boone, Hamilton and Shelby counties saw double-digit declines.

Of the nine central Indiana counties, all but one reported fewer homes on the market.