Reduced Affordability & Lack of Inventory Slow the Market
Rising mortgage interest rates and increasing home prices are making homes in the Louisville area less affordable. The combination of reduced home buyer purchasing power and a continued lack of housing inventory began to slow the Louisville real estate market in June.
That said, home inventory and mortgage rates are both still historically low. Louisville remains a seller's market, and it is an excellent time to list your house. Starter and mid-priced homes continue to sell faster than higher-end homes, making it a great time to trade-up.The Greater Louisville
Association of Realtors President said, "The inventory situation has improved slightly for buyers, but we are still a long way from normal inventory levels, especially for homes under $300,000. We look to see some clients move up their timeframes to make a move, in anticipation of rising mortgage interest rates later in the year." Louisville
area home inventory increased 10% in June to 4,100 active listings or a 2.7 month supply of homes. The number of homes sold was down 11% vs prior year and the average sale price of $237,000 was up 6%. Homes sold fast on limited supply, with the average property selling in just less than two months.