RE/MAX of Indiana Reports Home Sales Steady in July; Second Highest Prices Since July 2008, Foreclosure Inventory Still Shrinking

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Home prices in central Indiana posted their second highest level since July 2008, the number of foreclosed properties on the market is dropping, while their prices are increasing. Overall sales are still down from last year at this time, but there is optimism because of several factors, including the median home price.

Sales of homes for the Indianapolis MSA area held steady in July with 2,240, down only 0.18% from the previous month. Average and median home prices declined slightly from last month, but still post the second highest prices since July 2008, according to new monthly research compiled by RE/MAX of Indiana.

"Home prices and sales volume are still below July 2008 levels. One positive indicator, though, is the median home price for July of this year," said Dan Breault. Regional Director, RE/MAX of Indiana. "The median price is only off about one-third of a percent from a year ago. We see that as a bright spot," added Breault..

Prices continue to level in the Indianapolis area. The July median home price - the figure at which half of the homes sold for more and half sold for less - was down only 0.38 percent to $123,430 versus one year earlier.

The average home price in the Indianapolis MSA declined 1.37 percent last month to $147,294, compared to July 2008.

The number of available properties, or active listings, at the end of July fell 16.12 percent from July 2008 to 16,184. However, that number is a 2.57% increase compared to the prior month.

Sales of foreclosure properties continued to shrink in July. Those properties, which typically sell below market prices, made up 21 percent of all home sales in the Indianapolis MSA versus 23% in June. This is down from the 2009 high of 46 percent in January.

The median price of July foreclosure sales reported in the Broker Listing Cooperative (BLC) edged up 5% to $57,950 on a year-over-year basis.

Home sales in the Indianapolis 9-County MSA for July totaled 2,240, off 9.57 percent compared to July 2008. Total dollar volume for properties sold during the month was $329 million, compared to $384 million one year earlier, a 14 percent decline.

RE/MAX of INDIANA is affiliated with RE/MAX International. RE/MAX of Indiana has over 1,300 sales associates throughout Indiana, providing residential and commercial real estate services.

Statistics pulled from Metropolitan Indianapolis Board of Realtors® Broker Listing Cooperative for the dates of 7/1/2009 - 7/31/2009 and 7/1/2008-7/31/2008 for the 9-County MSA.

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


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CStacy Gillen
RE/MAX of Indiana
317.845.2005 ext. 204
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