Indianapolis, IN–(December 21, 2009)--November, 2009 home sales in central Indiana increased 27% compared to November, 2008. Sales in the Indianapolis area in November totaled 1,907.  That compares to 1,500 homes sold in the nine county reporting area in November, 2008, according to RE/MAX of Indiana.

  Several Counties Show Extraordinary Gains

All nine central Indiana counties showed gains in November, 2009 home sales compared to November, 2008.  However, Boone, Hamilton and Johnson Counties reported the largest gains.

Ø  Boone County:  67%

Ø  Johnson County:  59%

Ø  Hamilton County: 45%

Tax Credit Extension: Closing Deadline Doesn’t Mean What it Meant Before

The first-time homebuyer tax credit extension will extend the tax credit until April 30, 2010. 

However, there is an additional benefit for qualifying homebuyers under the tax credit extension.

The Senate agreement stipulates that buyers must have a sales contract on a house by April 30 to be eligible, but it gives homebuyers an additional 60 days to close the purchase. 

“There is little argument that the extension of the first time home buyer tax credit should help stabilize home prices,” according to Dan Breault, Regional Director, RE/MAX of Indiana. “Since the program was created home prices have found a bottom and have actually started trending higher.”

There are definitely some areas that are continuing to see lower home prices but as a whole the United States has seen a tick up in the price of homes.  Now that the tax credit will last until April 2010 there is a good chance that we have seen the bottom in housing prices for the time being.  The overall market in the Indianapolis area is beginning to stabilize, year-to-date home sales in central Indiana are down only 4 percent, or 939 homes, when compared to 2008.