September Home Sales Down 3.9% Year-to-Date with Continued Modest Price Appreciation

Members of the Greater Louisville Association of Realtors® (“GLAR”) recorded 12.7% fewer home sales in September 2014 (1198 units) than in September 2013 (1373 units). Year-to-date, GLAR members have sold 3.9% fewer homes compared to this time last year. The year-to-date figure of -3.9% is more illustrative of the overall market than the more variable monthly figure of -12.7%. The year-to-date average price in Jefferson and surrounding counties was up 2.9% to $180,824 compared to $175,710 last year. In all areas, the year-to-date median price was $147,000 versus $144,900 one year ago (up 1.4%). The inventory of homes is still relatively tight with 9.3% fewer homes for sale than this time last year.

Newly installed GLAR President Paula Colvin noted that, “Members experienced a decent pace of sales in September, with a 10.8% increase in the number of contracts signed compared to last September.”

At the national level, NAR’s Chief Economist Lawrence Yun reported that, “Contract signings are holding steady. Fewer distressed sales and less investor activity is likely behind the modest decline in closings.” Fannie Mae’s Chief Economist Doug Duncan added that, “The results of the past few months show that consumer optimism remains cautious and we’ll likely continue to see bumps on the housing recovery path.”

 

September-2014-Release1

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