Market Shows Average Price Up 6.1%, Volume Down 1.4% YTD
The Greater Louisville Association of Realtors® (“GLAR”) reported sales down 1.4% year-to-date versus 2017. With the continued lower inventory, the average price was up 6.1%. In Jefferson County, the average price in July was $236,451 and the median was $194,900. For all MLS areas, the inventory of available properties was 8.2% lower than at the same time last year.
GLAR President Dave Parks noted that, “The demand for starter homes is still very high with low inventory levels under $250,000. At the same time, we’re seeing a normalization of inventory in the higher price points.” He added that, “Interest rates are still relatively low and our local market remains affordable for most buyers.”
On the national level, Lawrence Yun, Chief Economist of the National Association of Realtors® commented that he does not see a housing recessing on the horizon. Although existing home sales are down 2.2% nationally, “distressed property sales have fallen to historic lows, comprising only 3% of total sales in recent months.” He added that, “The one area of concern is increasing housing unaffordability” in some markets.
Pat Durham, the Executive Vice President of the Building Industry Association of Louisville, commented that, “Remodeling of existing homes is very robust. Registered Remodeler members of the Building Industry Association of Greater Louisville report extremely full schedules trying to keep up with the demand. They provide a great resource to Realtors® whose buyers love a property location but need to change up the home to meet the needs of the family. We are happy to partner with the Realtor® community to make these dreams a reality.”