Louisville area real estate market activity continued to decelerate in December. Total sales of 1,290 homes were down 6% vs November, although they were just above last year. The average sale price was up 6% on even tighter home supply. Homes continued to sell quickly at an average of 60 days, and total home inventory dropped 14% to 3,680 active listings or a 2.5 month supply of homes.
The Greater Louisville Association of Realtors President commented that, "Our members wrapped up 2019 with sales figures similar to 2018, and prices up 4-5% depending on area and price range. We hope to see more sellers put their homes on the market, as there are almost 10% fewer homes available to buyers than at this time last year."
The Chief Economist for the National Association of Realtors® commented that, “favorable conditions are expected throughout 2020 even though the supply of homes for sale is not yet meeting healthy demand. Builder confidence levels are high, so we just need new housing supply to (help) match demand."