October Home Sales Up 5.8% with Average Price Up 8.8% with Level Inventory
Louisville, KY (November 19, 2021) - The Greater Louisville Association of Realtors® (GLAR) reported year-to-date sales volume up 5.8%. October sales were down 3.6% compared to last October when the market saw significant pent-up demand from the impact of Covid-19 in the first half of 2020.
The average price was up 8.8% year-to-date, compared to last year. In Jefferson County, the average price was $278,361 and the median was $230,000. For all MLS areas, the inventory of available properties was just 0.2% higher than at the same time last year.
GLAR President Paula Barmore commented that, “The sellers market continues for move-in ready homes in the median price range. Showing activity typically slows a bit approaching the holidays.” She added that, “We’re hoping for slightly more inventory in the first part of 2022, as sellers become more comfortable with the idea of moving.”
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Chief Economist for the National Association of Realtors (NAR) Lawrence Yun noted that, “Just as the for-sale market is starting to moderate the rental market is heating up.” He cited the improving jobs market and higher prices for starter homes as the two main drivers in the rental market. Yun reiterated that there is a “massive housing shortage” and that “America needs more homes, both for ownership and for rent.” He stressed that, “New construction alone will not fill the need. Rehabbing dilapidated homes and repurposing commercial buildings into residential units is essential.”
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