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Article courtesy of Indystar.com

Sales of existing homes in the Indianapolis area rose 34.6 percent in July, the biggest monthly jump so far this year.

Realtors in the 13-county metro area registered 3,324 home sales, compared with 2,470 in the same month last year, the Metropolitan Indianapolis Board of Realtors said today.

It was the largest monthly jump this year, surpassing May’s 30.6 percent increase.

“The Central Indiana housing market continues to make consistent strides toward recovery,” said Rick Lux, MIBOR president, in a statement. “While prices are rising and mortgage rates have increased slightly, affordability remains attractive for central Indiana homebuyers. The impressive amount of closed sales activity proves that people are taking advantage of these conditions to get into the market.”

Sales increases for metro counties included Hancock (49.4 percent), Hendricks (46.8), Johnson (44), Hamilton (39.6), Marion (36.3), Shelby (34), Morgan (18.9) and Boone (2.8).

Statewide, sales were less robust but still strong, increasing 22.8 percent in July from a year ago.

Kevin Kirkpatrick, president of the Indiana Association of Realtors, predicted the sales pace will slow, assuming mortgage interest rates continue to tick up and the inventory of houses for sale shrinks.

“In fact, the number of pending home sales from last month shows a slight slowdown in its rate of increase,” Kirkpatrick said. “The long-term success of housing markets across the state depends on real employment and wage growth.”

Star reporter Jeff Swiatek

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