LOUISVILLE, Ky. (Sept. 19, 2012) — August closed sales were up 26 percent compared to August 2011, according to the Greater Louisville Association of REALTORS.
Louisville Realtors continue to be encouraged with the rebounding housing market.
In all of the multiple listing service area served by the association, 1,427 homes were sold in August; 781 were in Jefferson County, 79 were in Oldham County and 73 were in Bullitt County.
The year-to-date closing figure was also up 15 percent compared to January to August of last year. The number of properties placed into a pending status on the Multiple Listing Service (MLS) during August 2012 was up 17 percent compared to the same month last year.
Both the average and median prices for August were about 1.5 percent compared to August 2011, and the year-to-date average and median prices are up about 3 to 4 percent. In Jefferson County, the 2012 year-to-date average price remained at $167,000 and the median price is $137,500.
The inventory of homes and condos currently for sale is about the same as this time last year, with about 4,500 for sale in Jefferson County and 7,300 total for sale in the Louisville Area multiple listing service.
Record low interest rates continued to fuel purchases by owner-occupant buyers and investors in August, according to the realtors group. Recent announcements by the Federal Reserve that it will continue purchases of mortgage-backed securities, and that it plans to keep the Fed Funds rate low through mid-2015 may actually cause the pace of sales to moderate as purchasers may not feel a sense of urgency to lock-in today’s record low interest rates, the association said.
“However, these Fed actions should keep housing affordability at favorable levels for the coming months,” the Greater Louisville Association of REALTORS said in a press release.