The Greater Louisville Association of Realtors® (“GLAR”) reported year-to-date sales up 12.3% with 7,633 homes and condos sold versus 6,796 at the same time last year. Sales were up 20.5% in June 2015 (1,835 units) compared to June 2014 (1,523 units), and the median selling price in all Multiple Listing Service (“MLS”) areas was up 8.4% compared to the same month last year. The median price (year-to-date) in Jefferson County was up 7.1% ($150,000) and the average (year-to-date) was up 7.3% ($189,796). For all MLS areas, the inventory of available properties for sale was 16.7% lower than at the same time last year.
GLAR President Paula Colvin commented that, “GLAR members are recording sales nearing the record high volume in 2007, at prices that are approximately 10% higher than the pre-recession peak.” At the national level, Lawrence Yun, Chief Economist for the National Association of Realtors® commented that, “The return of first-time buyers is an encouraging sign,” and is the result of strong job gains among young adults, less expensive mortgage insurance and lenders offering low down payment options. Yun also remarked that the national market is “clearly not a bubble,” noting that the overall demand for housing is 25% lower than it was during the previous boom, new home construction is about half of what it was during the previous boom and mortgage debt outstanding is 10% lower than during the previous boom.