Indianapolis-area house sales dive in September 2007

IBJ Staff

Pending sales of houses-those with contracts signed by not closed-plummeted 16.8 percent in September from a year earlier, according to Metropolitan Indianapolis Board of Realtors figures released today by brokerage F.C. Tucker Co.

The nine-county Indianapolis area generated 1,998 pended sales, compared to the 2,402 in September 2006.

Sales in Boone County fell the most, by 42.7 percent. Johnson, Marion, Morgan and Shelby counties all slipped by at least 20 percent. Only Hancock and Madison counties saw increases.

For the year, pended sales of 22,933 are down 7.3 percent.

Listings increased 4.9 percent, to 20,655.

"Central Indiana's housing market is continuing to balance out," said Tucker President Jim Litten. "Inventory levels are still increasing slightly, but we are hopeful that the decline in new home construction and the steady pace of existing homes sales will be reflected in sales statistics in coming months."