Monday, August 19, 2013

Greater Louisville Kentucky Association of REALTORS® reported strong summer homes sales data for July 2013

Greater Louisville Kentucky  Association of REALTORS® reported strong summer homes sales data for July 2013
The average and median year‐to‐date prices exceeding the previous highs set in 2007
($175k/$144k YTD 2013 vs. $173k/140k YTD 2007). The prices in July are also about 3% higher than one year ago. The  number of homes sold, year‐to‐date, is also at the highest level since 2007 (8400+ sold YTD 2013 vs. 8900+ sold YTD 2007) and is up about 20% from this time last year. Buyers in most areas still have a decent selection of homes/condos to choose from with 6900 properties currently for sale, vs. 6200 at this  time last year.

 Board President Paul Ogden noted that, "although we are not seeing an inventory
shortage overall in Louisville, we are seeing shortages in some of the most popular neighborhoods."
For qualified buyers, affordability is still high with 30 year mortgage rates in the low‐to‐mid 4%
range and 15 year rates in the mid 3% range. Ogden also commented that, "our members continue to be
busy working with clients who want to lock‐in today's low rates before they move to 5%, as many
economists predict will happen by the end of the year."