Louisville home inventory at 2,465 active listings was down an incredible 43% vs last year in August. That is yet another record low at a 1.65 month supply of homes. New listings were down 12% and total homes sold were up 5%. This is exacerbating an epic inventory shortage as historic low mortgage rates are driving buyers to the market much faster than sellers. The average home sold in just over a month.
This is an amazing opportunity for sellers!
The Greater Louisville Association of Realtors President said, "Our members are working with sellers of starter and
move-up homes, who see their properties sell very quickly due to the extremely low inventory.” She added
that, “Buyer activity moderates slightly as you move up in price points.”
The Chief Economist for the National Association of Realtors® commented that "Pending contracts are still very high, up about 10% from one year ago (and that) this will continue for the
rest of the year.” He cites large home equity positions, very low interest rates and buyer demand for home
office space as drivers in the national residential market into 2021.