July 24, 2017

May Home Sales In Louisville Pick Up

For the first time in more than 6 months, there is undisputed proof that the Louisville Housing market has just about recovered. The numbers for May 2009 will become official tomorrow Monday June 1, 2009, but as of right now we are just about tied with the number of homes that went under contract in June 2008. Officially this May’s numbers compared to May 2008 are off 1.5 % but as in a good game of horseshoes, that’s close enough for a tie in many books.

Of course give some credit to the 8000 tax credit and lower interest rates and a large inventory of homes priced to sell, but the end result is homes are going under contract and that’s good news for Louisville Real Estate. The news could get better as the owners of the entry level homes have to find their new home. That means the trickle up effect has begun.  The number of homes actually closed in May 2009 was 920, that’s down 20% from May 2008. But loans are taking more time to close because of new appraisal regulations and underwriter approval requirements.

A new directive announced this past Friday from the U.S. Housing and Urban Development Secretary Shaun Donovan change from FHA’s rules. As soon as the I’s are dotted and T’s crossed State Housing Finance Agencies and certain non-profits and loan up to the full amount of the tax credit (depending on the amount of the mortgage). That means a 1st time home buyer (or someone who hasn’t owned a home in 3 years) can immediately apply the $8000 towards some closing costs. Additionally after the buyer comes up with 3.5 percent of their down payments on their own, they can use part of the $8000 towards an additional down payment.

All this should help the housing recovery stay on track into the summer of 2009 and fuel the recovery of the U.S. economy. For more info head to www.weselllouisville.com.

May 2009


Number of Houses Under Contract

This month: 1167

Last month: 1138

This month last year: 0


Number of Houses Sold & Closed

This month: 920

Last month: 787

This month last year: 0

 


Average Selling Price

This month: $153,549

Last month: $156,341

This month last year: $0


Average Days on Market

This month: 87

Last month: 93

This month last year: 0


Median Sales Price

137,000

 

May 2008


Number of Houses Under Contract

This month: 1184

Last month: 1289

This month last year: 0


Number of Houses Sold & Closed

This month: 1149

Last month: 1006

This month last year: 0

 


Average Selling Price

This month: $166,206

Last month: $166,467

This month last year: $0


Average Days on Market

This month: 84

Last month: 89

This month last year: 0


Median Sales Price

135,000

 

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