INDIANAPOLIS, IN – August 29, 2011 – (RealEstateRama) — Hoosier confidence was running high during the month of July with strong year-over-year growth in home sales for Central Indiana. According to the latest housing market data compiled by RE/MAX of Indiana, the nine-county area experienced a 26-percent increase in homes sold in July 2011, compared to July 2010. This figure beats the overall national housing market where U.S. home sales increased by a still impressive 13 percent, although 13-percentage points lower than the local market.
Consumers in Central Indiana who sold their homes in July also saw the average sales price for homes sold increase by five percent when compared to July 2010.
The improvement in local home sales and sales prices confirmed the market’s recent improvement predicted by area real estate experts.
“As expected, July brought some much welcome news to the Central Indiana real estate market. We’re finally on the plus side with an increase in homes sales by as much as 26 percent,” said Dan Breault, RE/MAX of Indiana’s executive vice president and regional director. “And with the lack of any government incentives like we had with last year’s tax credit, this year’s numbers for July are standing on their own and reflect a more accurate picture of the market.”
Leading the way in July with the strongest year-over-year increases in homes sold included Johnson (40.3 percent), Hendricks (37.4 percent), Hancock (37.3 percent), and Hamilton (32.0 percent) counties. In addition, Morgan (22.4 percent), Marion (22.4 percent), Boone (14.1 percent), Madison (11.7 percent) and Shelby (3.2 percent) counties also posted increases in July when compared to July 2010.
Despite these recent gains, industry experts remain cautious in light of the recent downgrade of the U.S. credit rating by Standard & Poor’s.
“We cannot predict with accuracy how the U.S. credit rating downgrade by S&P will impact the market,” said Breault. As the government’s costs for borrowing increase, many economists feel that the long-term implications will likely mean higher interest rates for consumers. But, for now, Breault points out that interest rates remain low and inventory is falling in many areas of Central Indiana, so home prices in the short term should continue to rise.
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Leslie Payne, RE/MAX of Indiana
Director of Communications
(p) 317.845.2005 x 209 (c) 317.370.3129
lpayne (at) remax-indiana (dot) com
About RE/MAX of Indiana: RE/MAX of Indiana is Hoosiers’ real estate market leader with $2.3 billion in annual sales, over 80 offices and nearly 1,200 sales associates. Founded in 1987, RE/MAX of Indiana helps growing families and businesses through its expertise in residential and commercial real estate, as well as relocation and referral services. Having sold 1.5 million homes in Indiana over the last five years, “nobody sells more real estate than RE/MAX.” Visit www.remax-indiana.com for more information, and follow us on Facebook at www.facebook.com/remaxofindiana and on Twitter at www.twitter.com/remaxofindiana.