Louisville area home sales up 30 percent in September from a year ago

LOUISVILLE, Ky. (Oct. 15, 2013) — Home sales in the Greater Louisville area in September set new highs for average and median year-to-date prices, exceeding the previous highs set in 2007, according to Greater Louisville Association of REALTORS members.

The average home sales price in Bullitt, Jefferson and Oldham counties for transactions in September was $181,000, which is 7.4 percent higher than in September 2012. There were 30 percent more transactions in September 2013 compared to September 2012. There were 1,428 homes sold last month compared to 1,098 in September 2012.

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That’s further good economic news from the housing sector, which continues to improve from its recession depths of 2009 through 2011.

Year to date through September, home sales in the three-county Louisville market are up 18.1 percent and prices are up 4.1 percent.

In Jefferson County, the median price in September was 2.3 percent higher than one year ago, GLAR reported in a news release today. The number of homes sold year-to-date, is up about 18 percent from this time last year.

Buyers in most areas still have a good selection of homes and condos to choose from, with 13 percent more properties coming onto the market for sale now than at this time last year.

“16 percent more contracts were signed in September than one year ago, which will carry over into the sales figures for October and November,” said GLAR Board President Lester Sanders.

Bart Doerhoefer of Commonwealth Bank & Trust said the home sales increases occurred even as mortgage interest rates rose.

“Rates on 30-year fixed-rate loans increased from 3.5 percent in mid-May to nearly 4.75 percent by the end of August,” Doerhoefer said. “Since then, rates have gradually decreased back to the low 4’s. Despite the fluctuations, rates remain historically low, making home ownership very affordable.”

The two-week-old U.S. government shutdown is affecting some real estate transactions, he said.

“Some types of loans, including USDA (rural housing), will not be able to close during the shutdown,” Doerhoefer said. “However, lenders are still processing and closing most loan types.”