Louisville Home Sales Up, Home Prices Down

Here are a couple of pieces of news that relate to Louisville real estate. The first comes from an AP story that WAVE picked up, Pending home sales rose 8.2 percent in February.

Detailed home price data for Metro Areas in the U.S. including Louisville, KY
You can see from this table that even though Louisville home sales are up, our prices are down 2.3%.

The National Association of Realtors said Monday its seasonally adjusted index of sales agreements rose 8.2 percent from January to a February reading of 97.6. January’s reading was revised slightly downward to 90.2.

A lot of this is due to the tax incentives that are due to expire on April 30, 2010, but still, it’s positive news. What will be more telling is the numbers for May and how they compare to the last two years.

This second piece of news isn’t as bright in regards to home prices in Louisville. According to this report by Fiserv, Louisville home prices dropped -2.3%. The more interesting prediction is that they believe that prices will continue to drop in Louisville until the 4th Quarter of 2010 but will return to previous levels by the 4th Quarter of 2012. See the image below to see how Louisville compares to other Metro areas.

As you can see, Louisville’s housing market is outperforming every city on this list. That’s impressive!

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