August numbers show it's still a seller's market in Louisville

August numbers show it's still a seller's market in Louisville

By: Carolyn Tribble Greer / Source:http://www.bizjournals.com

Home sales in the Louisville area remained strong in August, as inventory remained tight.The Greater Louisville Association of Realtors reports that home sales by its members in August rose 0.9 percent from a year earlier, to 1,532 units.

The average selling price was up 3 percent, to $199,584, and the inventory of available properties was 20.5 percent lower than a year ago.

For the year to date, home sales are up 11.65 percent, and the average selling price is up 6.4 percent. "Inventory shortages are still contributing to a strong seller's market in some areas inside the Watterson Expressway," GLAR president Paula Colvin said in a news release. "Properties located further out, and at higher price points, are selling at a more normal pace." At the national level, "demand for buying has drastically improved this year and is propelling home sale to a pace not seen since 2007," Lawrence Yun, chief economist for the National Association of Realtors, said in the release. "As local job markets continue to expand, the pool of home buyers will increase."