Louisville Area Home Sales Up 3.7% with Continued Low Inventory


The Greater Louisville Association of Realtors® (GLAR) reported sales up 3.7% year to date versus 2017. With the continued lower inventory, the median price was up 5.3%. In Jefferson County, the average price in February was $200,714 and the median was $165,000. For all MLS areas, the inventory of available properties was 12.4% lower than at the same time last year.

GLAR President Dave Parks noted that, “The local market is still strong despite the fact that the current inventory of homes for sale is roughly 30% compared to 10 years ago. There is very strong competition for starter and move-up homes, and more normal levels of inventory for higher end homes.”

On the national level, Lawrence Yun, Chief Economist of the National Association of Realtors® commented that, “strong job growth assures at least three interest rate hikes by the Federal Reserve in 2018.” He continued by saying that in order for home prices to moderate, more home construction is needed. “Job openings in the construction industry remain at historic heights. It is now a matter of providing necessary skills to go into the industry.”

Robert Dietz, Chief Economist of the National Association of Home Builders, reported that he is concerned with sluggish permit activity nationally. “The weak permit numbers indicate that builders may be hesitant to start projects as they contend with rising material prices and labor shortages.”

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