More people are becoming first-time home owners
LOUISVILLE, Ky. (Jan. 15, 2015) — Home sales were down in Louisville in 2014, but the average price per sale went up, according to the Greater Louisville Association of Realtors.
Home sales totaled 14,486 in 2014, down from 14,775 the previous year. But the average price in 2014 was $180,200, up 2.7 percent from 2013, and the median price in 2014 was $147,000, up 2.8 percent from 2013.
Lawrence Yun, chief economist for the National Association of Realtors, said that low interest rates led to an increase in first-time homebuyers to 31 percent, up from 28 percent in 2013. He said reduced FHA mortgage insurance premiums and a 3 percent down conventional loan program should lead to continued first-time buyer activity in 2015.