Home » Home sales up 8.6% in July; average price up 5.8%

Home sales up 8.6% in July; average price up 5.8%

Very low inventory reported

LOUISVILLE, Ky. — The Greater Louisville Association of Realtors reported sales volume up 8.6% in July 2020 versus the same time last year. Year-to-date sales were still down 1.3% compared to 2019 due to the drop off in April and May due to COVID-19.

The average price was up 5.8% compared to July 2019, and up 4.25% year-to-date versus 2019. In Jefferson County, the average price in July was $261,644 and the median was $225,250. For all MLS areas, the inventory of available properties was 41.5% lower than at the same time last year.

“Our members saw strong closing numbers in July, due to the pent up demand from the second quarter,” GLAR President Kathryn Sotelo said. “Entry-level homes often sell in a week or less, and even the higher price points are moving in a month or two due to very low inventory.”

The chief economist for the National Association of Realtors, Lawrence Yun, recently said, “The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown. This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue.”