Indianapolis metropolitan area home sales off by nearly 1/3 in November 2008

The IBJ

November was another bleak month for the Indianapolis-area housing market, with the number of units sold tumbling 29 percent compared with a year earlier.

Sales in the 13-county Indianapolis area totaled 1,448 for the month, compared with 2,028 in November 2007, according to the Metropolitan Indianapolis Board of Realtors.

The latest month was weak by almost any measure. The average sales price slumped 10 percent, to $128,867, and total sales volume plummeted 36 percent, to $186 million.

In Marion County, 689 homes sold during the month, down 24 percent from November 2007.