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home sales up 400

Sales of existing homes in the Indianapolis area rose a brisk 30.6% in May from a year ago, the largest monthly jump since November of last year.

Sale prices also showed strong appreciation last month, rising 4.2% from a year ago to a median of $138,000.  Seller received, on average, 92.5% of their original list price.

One reason for the strong sales: there are fewer homes to bid on.  The supply of homes for sale last month in the 13-county metro area was down 16% from a year ago, to 13,135, said Metropolitan Indianapolis Board of Realtors.  May sales totaled 3.328.

"May was the type of month Realtors have been waiting for in this slow and steady housing recovery," said Kevin Kirkpatrick, president of the Indiana Association of Realtors.  "Buyer interest and confidence remain high, so we expect to be just as busy during the next few months as the housing recovery gains momentum."

Sales rose fastest in Johnson (46.9%), Hendricks (37.5%), Boone (37%), and Hamilton (35.7%) counties.  Sales also were strong in Hancock (35.6%), Morgan (31.5%), Marion (25.6%), and Shelby (22.7%) counties. 

Monthly home sales in the metro area haven't shown a drop from the year-earlier month since June of 2011. 

Though for-sale listings were down a year ago, they've increased for two straight months, which has helped to boost sales as buyers find more homes on the market.

"Buyers have been ready and this noticeable increase in new inventroy will help move-up and first-time buyers alike," said Rick Lux, MIBOR president. 

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