The Greater Louisville Association of Realtors® (GLAR) reported February 2016 sales up 22.3% with 1,062 homes and condos sold versus 868 last February. Year-to-date, compared with January-February 2015, home sales were up 13.6%. The median price for all areas in February 2016 was up 6.7% compared to last February, and the average price was up 13%. In Jefferson County, the average price in February 2016 was $205,126 and the median was $139,900. For all MLS areas, the inventory of available properties was 23.6% lower than at the same time last year.
GLAR President Greg Taylor commented that, “Our Realtor® members saw a continuation of a sellers market with inventory down over 23% compared to this time last year. The lack of inventory was the driving factor in the median price increase of 6-7% compared to last year.”
At the national level, Lawrence Yun, Chief Economist for the National Association of Realtors® commented that existing sales kicked off 2016 on solid footing, rising slightly to the strongest pace since July 2015. “The housing market has shown promising resilience in recent months, but home prices are still rising too fast (in many areas) because of ongoing supply constraints,” he said. “Despite the global economic slowdown, the housing sector continues to recover and will likely help the U.S. economy avoid a recession.”