Giant gain for Louisville home prices in March: Could the downward trend be reversing?

Hot home sales have let off the gas but the big news is that prices are on the rebound with the median selling price for the month going from $122,250 in February to $132,000 in March.

The seasonality of home sales follows a regular curve though not Bell in shape.

When the weather warms up, more home buyers are out shopping. It’s as simple as that.

Given the incredible improvements in Louisville home sales during January and February, many thought March would continue the trend, with hopes of selling 700+ homes during the month.

That didn’t happen. But with 620 sold properties in March, our new year is still holding ground to 2011.

The headline stealer is how sold home prices have surged!

Other than an ever-so-slight bump in December, the trailing 12-month trend line had been steadily dropping from a high of $136,512 on December 2010 to last month’s value of $129,679. That’s more than a 5 percent decline.

A single month change from February to March was an outstanding plus-$9,750.

It’ll be interesting to see if this change in direction can be sustained as we head into the “Selling Season” of Louisville real estate.