May 2014 Home Prices Steady with Tight Inventory

A healthy spring market continued with 14% more homes under contract versus May 2013. May home sales in the Louisville area were off about 5.6% from a year ago. Prices in many areas are similar to last years, with slight gains noted in Oldham and Bullitt Counties. Inventory remains relatively tight with 17% fewer homes for sale in Jefferson County, compared to a year ago. Greater Louisville Association of Realtors® President Lester Sanders noted that, “strict documentation by mortgage lenders coupled with limited supply has made housing recovery relatively modest. We continue to need more inventory.” He also added that, “members are encouraged by the increase in new construction activity, despite the fact that construction lending for speculative homes is still limited.” At the national level, Doug Duncan, Chief Economist for Fannie  Mae, noted that, “consumer’s lukewarm income expectations and reticence about the economy seem to be  holding back housing demand.” Although the jobs numbers continue to move in a positive direction and certainly affect consumer confidence.

GLAR Contact Information:

President, Lester T. Sanders
Semonin REALTORS
(502) 426-1650

CEO, Lisa Stephenson
(502) 894-9860

 

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2 comments

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