Central Indiana homes sales down in February 2009

The IBJ

Regional home sales fell 24 percent in February from the same month a year ago, according to a report today from Landrigan & Company Realtors of Indianapolis.

According to the report, which covers 13 central Indiana counties, 1,308 existing home sales closed in February, down from 1,722 in the same period of 2008.

Pended home sales fell 23 percent, from 2,153 to 1,653.

The average home price of homes sold in February dropped a whopping 14 percent from a year ago, from $138,591 to $118,727.

In one bit of encouraging news for the residential market, the current inventory of homes for sale in central Indiana dropped from 19,211 to 16,543, the report said.