The Greater Louisville Association of Realtors® (“GLAR”) reported year-to-date sales up 9.7% with 4,247 homes and condos sold versus 3,870 at the same time last year. Sales were up 10.2% in April 2015 (1,324 units) compared to April 2014 (1,201 units), and the median selling price in all Multiple Listing Service (“MLS”) areas was up 9.8% compared to the same month last year. The median price (year-to-date) in Jefferson County was up 4.1% ($140,000) and the average (year-to-date) was up 8.5% ($178,998). For all MLS areas, the inventory of available properties remains 15.6% lower than the same time last year.
GLAR President Paula Colvin commented that, “Members are seeing a strong seller’s market, especially in the Highlands, Crescent Hill and Saint Matthews.” She also added that, “We expect the strong market to continue into the summer months. However, we may see some tapering in the numbers at the end of the summer which is seasonal and will also be coincident with the new layers of closing regulations that will be put into place by the Consumer Financial Protection Bureau (CFPB).”
At the national level, Lawrence Yun, Chief Economist for the National Association of Realtors® (“NAR”), commented on April 29, 2015 that the strong spring sales demand has led NAR to update the 2015 sales forecast to 5.28 million homes, “the best in 9 years.” He also indicated that, “Recent GDP reports (coupled) with little inflation means (continued) low mortgage rates.” The current 2015 NAR forecast is 4.3% for the 30 year fixed rate mortgage.