Louisville area real estate market activity cooled off in November. Total sales of 1,375 homes were down 13% vs October, although they were 5% above last year. The average sale price was up 4% on tight home supply. Homes continued to sell fast at an average of 59 days, and total home inventory was steady at 4,250 active listings or a 2.9 month supply of homes.
The National Association of Realtors Chief Economist Lawrence Yun commented that, "Real estate is on firm ground with little chance of price declines. However, in order for the market to be healthier, more supply is needed to assure home prices as well as rents do not consistently outgrow income gains.”