The Louisville area real estate market cooled off a little more in July. New listings were up 14% vs last year while home sales were down 9%. As a result, home inventory increased.
The Greater Louisville Association of Realtors President commented that "We are seeing a gradual normalization of sales in some areas, but it's still a seller's market." She added that showing activity typically slows somewhat during the back-to-school weeks, and that "we hope that sellers continue to bring their homes to the market."
The Chief Economist for the National Association of Realtors® noted that "Home price gains and the accompanying housing wealth accumulation have been spectacular over the past year, but are unlikely to be repeated in 2022. There are signs of more supply reaching the market and some tapering of demand. The national housing market looks to move from 'super-hot' to 'warm' with markedly slower price gains.