Last month we saw Louisville home sales jump 29 percent in one month.What could our real estate market possibly do for an encore?
How about a 5 percent increase in Louisville home values in a single month?!
Last month, 859 homes were sold with the median home value being $140,000. During June, 859 were also sold (imagine that) but the median value was $147,000. A very positive development, wouldn’t you say?
We could focus on the lack of improvement in the sales aspect of our real estate market but as inventory is selling off, buyers have fewer options to choose from. Home sellers then get a bit more leverage.
As InsiderLouisville.com reported back in April, the data is revealing that the real estate pendulum is swinging in favor of sellers. Today’s report shows that this trend is continuing.
We must temper our enthusiasm as some of these gains are simply recovering losses that occurred earlier in the year. When we compare the 1-year trend-line value from last month, $132,867, it is still down from June 2011′s value of $133,637.
While home sales matched last month, they were up 8 percent over the previous year’s June.
Obviously, there’s still a lot of work to be done before we can safely say this housing recession is behind us. Since April, however, things have been looking up for Louisville real estate.