Home sales in the Evansville area were up nearly 15 percent in the third quarter of 2011, compared to the same period last year, with Gibson County the only county in a four-county Southwestern Indiana metro area showing a slight decline.

At the same time, Gibson County led the way with a sharp increase in median home prices, an apparent result of near-back-to-normal operations at Toyota Motor Manufacturing Indiana near Princeton.

Median prices also rose in Vanderburgh and Warrick counties. The median increase in the four-county area was more than 10 percent better than in the July-September period last year, with a decline reported only in Posey County.

Still, the developments last quarter are part of a year where home sales in Vanderburgh and the three surrounding Hoosier counties together are lagging behind those in the first nine months of 2010. But average home prices for the year to date are up. Sales so far this year are 4.8 percent behind last year, but the average sale price is up 4.6 percent and the median sales price is up 3.1 percent.

The new quarterly statistics are "part of a period of stabilization we've seen over the past two years" in local residential sales, said Bob S. Reid, president of Appraisal Consultants Inc. of Evansville, which compiled the data. "Property values are holding, and sales are steady also," he said. The period from 2007 through most of 2009 saw a substantial decline.

Read more here: Evansville Courier-News

Source: http://www.americantowns.com/in/evansville/news/home-sales-point-to-continued-039-stabilization-039-period-7209434