A new survey from Realtor.com finds Indianapolis’ Indianapas’ home sales are now down 9.3 percent over the past month.
That’s down from a 13.5 percent drop in March.
The national survey, which polled more than 1,000 consumers, found that homes in Indianapolis and surrounding areas are down 7.6 percent over this time last year.
The home prices in Indianapolis fell by 8.4 percent over that time period.
In comparison, Indianapolis has seen the nation’s home sales increase by 9.6 million over the same time period, according to data from RealtyTrac.com.
That increase has allowed homebuyers to take advantage of an economic boom that has seen Indianapolis’ unemployment rate drop to 2.7 percent from 4.5% last month.
While sales in Indianapolis have also dropped, there are signs of a recovery.
Home sales in the city have recovered from a slow start to climb this month, and they are still down 9 percent from a month ago.
In contrast, the number of people who are seeking to buy a home in the Indianapolis metro area has risen by nearly 60,000 over the last month, according the Realtors survey.
That’s the highest increase since April of this year.
A few other factors that have been holding back home sales in Indy are the economic slowdown and a federal housing law known as the Affordable Care Act, which has helped drive prices down.
Homebuyers are increasingly looking at other cities like San Francisco and New York, which are also struggling to find homes for sale, according, Realtrix.
The number of sales in San Francisco has jumped by almost 200,000 since the first month of this recession, compared to a year ago.
The average price for a home sold in the San Francisco Bay Area is $7.8 million, according Realtrx.
That is up from $6.9 million a year earlier.
New listings in Indianapolis are up about 9 percent over last year, according data from Trulia.
While sales are down there, they still represent the biggest gain in the region since May of last year when they were up 7.2 percent.
New sales in Indiana have been steadily climbing over the first four months of this month.
Realtrs estimate that there were 8.5 million homes sold in Indianapolis in February, up from 7.1 million a month earlier.