Home » Home sales in Louisville area down in July but prices up

Home sales in Louisville area down in July but prices up

LOUISVILLE, Ky. (Aug.15, 2014) – Homes sales volume declined 2.1 percent in July 2014 (1,445 units) versus June 2014 (1,476 units) and was down 7.5 percent from July 2013 (1,563), for members of the four-county Greater Louisville Association of Realtors. However, the year-to-date average price in Jefferson and surrounding counties was up 1.6 percent to $177,810 versus $175,056 from last year.

In Jefferson County, the average price in July was $195,716, which is up 6.6 percent from last year. The median price was $154,000, up 1.0 percent from last year. Year to date sales volume is down 5.1 percent from the same period in 2013, however,

The median statistic is more predictive of the overall home sales market as it is less affected by the exact mix of sales in any given month, according to GLAR. The inventory of homes is still relatively tight with 10.6 percent fewer active listings than last year at this time.

“There’s been a steady pace of sales this summer despite the smaller inventory of homes for sale,” said GLAR President Lester Sanders. He also added that “5 percent more homes were put into pending status (under contract) in July 2014 compared to the same month last year.”

Across the nation, problems obtaining financing are cited as an issue affecting home sales.

“Overly tight credit restrictions (not interest rates) are having the biggest impact on markets,” said Lawrence Yun, chief economist for the National Association of Realtors, commenting on a dip in unit sales. “Higher (rental) rates make it more attractive for owners to keep their house and rent it out without selling their old one first.”

 

All Louisville MLS Areas July 2013 July 2014 % Change Jan. 1 – July 31, 2013 Jan. 1 – July 31, 2014 % Change
Houses Sold 1,563 1,445 -7.55% 8,491 8,228 -3.10%
Averages Selling Price $181,559 $192,410 5.98% $175,056 $177,810 1.57%
Median Selling Price $152,000 $158,000 3.95% $144,900 $144,100 -0.55%
# of Active Listings Placed into Pending Status During July 1,460 1,531 4.86%
Active Listings at July 15 7,928 7,089 -10.58%
Jefferson County July 2013 July 2014 % Change Jan. 1 – July 31, 2013 Jan. 1 – July 31, 2014 % Change
Houses Sold 1,055 977 -7.39% 5,922 5,618 -5.13%
Averages Selling Price $183,514 $195,716 6.65% $176,733 $179,972 1.83%
Median Selling Price $152,500 $154,000 0.98% $144,000 $144,000 0.00%
# of Active Listings Placed into Pending Status During July 1,021 1,053 3.13%
Active Listings at July 15 4,809 4,234 -11.96%
Oldham County July 2013 July 2014 % Change Jan. 1 – July 31, 2013 Jan. 1 – July 31, 2014 % Change
Houses Sold 108 119 10.19% 559 546 -2.33%
Averages Selling Price $277,391 $283,735 2.29% $266,542 $272,226 2.13%
Median Selling Price $235,000 $261,000 11.06% $233,000 $242,000 3.86%
# of Active Listings Placed into Pending Status During July 77 107 38.96%
Active Listings at July 15 500 485 -3.00%
Bullitt County July 2013 July 2014 % Change Jan. 1 – July 31, 2013 Jan. 1 – July 31, 2014 % Change
Houses Sold 126 89 -29.37% 594 554 -6.73%
Averages Selling Price $152,035 $155,822 2.49% $145,111 $156,092 7.57%
Median Selling Price $140,775 $133,000 -5.52% $135,856 $137,000 0.84%
# of Active Listings Placed into Pending Status During July 109 110 0.92%
Active Listings at July 15 515 422 -18.06%