Greater
Louisville Home Sales Decrease Again, Home Prices Rise
Louisville, KY – Existing-home sales in Greater
Louisville declined for the sixteenth consecutive month in April, according to the Greater Louisville Association of REALTORS® (GLAR).
Total existing home sales, including single-family homes, condominiums, and townhomes, decreased 32.0% from 1594 in April 2022 to 1084 in April 2023.
Strong demand combined with low supply continues to result in price growth. The median home sale price in April was $260,000, up 2.0% from $255,000 in April 2022. The average home sale price was $306,656, up 2.5% from $299,311 in April 2022.
“During this busier buying season, we are seeing increased demand and multiple offers,” said GLAR President Kimberly Sickles.
“But sales continue to decline due to higher interest rates and insufficient supply.”
Total housing inventory increased 24.4% to 1848 at the end of April from 1485 in April 2022.
Demand remains much stronger than supply. In April, months’ supply of homes in the Greater Louisville market increased 55.6%, from 0.90 in April 2022 to 1.40 in April 2023. Typically, a balanced real estate market offers between six and nine
months of supply. Nationally, there was a 2.2-month supply of housing inventory, according to the National Association of REALTORS® (NAR).
NAR Chief Economist Lawrence Yun explained the recent national housing market fluctuations.
"Home sales are bouncing back and forth but remain above recent cyclical lows,” Yun said. "The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months
have created an environment of push-pull housing demand."
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.35% as of May 11, down from 6.39% the previous week but up from 5.30% a year earlier.
Despite declining sales, homes continue to sell rapidly and almost at listing price, reflecting strong demand. The average cumulative days on the market were 40 days in April, a 60.0% increase compared to a year earlier and a 16.0% decrease compared to the previous month. The average percentage of list price received in April decreased 1.4% to 99.3% compared to 100.7% in April 2022.
Note: The method of collection for GLAR statistical information changed in 2022. Some information may vary slightly compared to earlier reporting periods.
April Local Housing Statistical Reports by County:
Breckinridge-County
Bullitt-County
Grayson-County
Hardin-County
Henry-County
Jefferson-County
Meade-County
Nelson-County
Oldham-County
Shelby-County
Spencer-County |
