Evansville, Indiana, Housing Market Stabilizing; Housing Inventory at Lowest Level Since June 2007

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The Evansville, Indiana housing market took a breather from five continuous months of increases. Home inventory, a positive indicator of how healthy the housing market is in Evnasville, is down from July, 2008. August homes sales in Evansville are expected to be up. Note: A copy of the full report with statistics is sent with this release via attachment.

The local real estate market took a breather in July after 5 continuous months of increases in the number of homes sold. In July 2009, 305 homes closed, down 6.7% from July 2008. "Buyer activity, especially among first time home buyers deciding to take advantage of the $8,000 tax credit and low interest rates, continues to be very active" says Ray LaGrange, RE/MAX Services of Evansville.

The average sales price for July was $124,993 up 2% from 2008's average of $122,786, but down 5% from July 2008's average price of $131,869. However homes are still selling at 94% to 96% of their list price for July 2009, indicating some small discounting of the homes list price.

Currently there are 7.2 months of inventory in the marketplace, the lowest since June 2007. Prior to 2008 the absorption rate for the four county area was 6 or below. The average for 2007 was 7.8 months and the average for 2008 was 9.2 months.

"Buyers remain in an excellent position to purchase, the first time home buyer incentive of $8,000 tax credit is creating demand for housing. Interest rates still remain affordable but are edging up. Yet mortgage programs are still plentiful for buyers with acceptable credit scores", states Ray LaGrange.

Stacy Gillen, RE/MAX of Indiana, Director of Marketing:
(p) 317.845.2005 x 204
9963 Crosspoint Boulevard | Indianapolis, IN|46256

(Detailed statistical reports were generated from data supplied by the Evansville Area Assoc. of Realtors which is available upon request.)


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