Members of the Greater Louisville Association of Realtors® (“GLAR”) recorded 12.2% fewer sales in November 2014 compared to November 2013; however, this is coming off of October sales that were up 11.7% compared to the same month last year. On a year to date basis, sales are down 2.8% and the average price is up 2.7%. In Jefferson County the average price year to date is up 2.2% to $182,353 and the median price year to date is up 0.6% to $145,000. The inventory of homes available for sale remains tight with approximately 11% fewer than last year.
GLAR President Paula Colvin commented that, “although sales were down in November, we are still on track for a similar volume of sales compared to last year, combined with a positive bias for home prices.” At the national level, Lawrence Yun, Chief Economist for the National Association of Realtors®, recently remarked that despite a modest decline in sales, “contract signings have remained at a healthy pace for six straight months.” Continued low mortgage rates have facilitated steady demand, “but it would be more robust if it weren’t for lagging wage growth and tight credit conditions.” Yun also highlighted a statistic from NAR’s recent survey in which the typical seller has now been in their home for 10 years, representing an all-time high for the survey. He expects the national median existing home price to rise 4% next year and in 2016.