Louisville Real Estate News | Jacksonville Real Estate News

Louisville Real Estate Headlines | June 2021

The Louisville area real estate market cooled off just a little in June. New listings were up 17% vs May while home sales were up 10%. As a result, home inventory increased.

The following chart shows the Louisville area supply of homes expressed in terms of month's sales. The good news is that Louisville area home inventory appears to have bottomed out in March. However, at a one month supply of homes Louisville is still in a very strong seller's market. For perspective, a balanced market would be a six month supply of homes.

The Greater Louisville Association of Realtors President commented in the most recent press release, “The sellers’ market continued in full force during May, in virtually every price range. Buyers often have to make several offers before getting a home under contract. Buyers also are making modifications to the normal inspection, appraisal and possession portions of the purchase agreement to make their offers more attractive to sellers.”

The Chief Economist for the National Association of Realtors® noted that "More housing inventory will reach the market in a few months, certainly by autumn. The mortgage forbearance program will steadily wind down, leading to further available inventory. Moreover, the progress in vaccination among elderly homeowners will lead to normal life activity, including home sales that had been postponed since the onset of the pandemic."