The real estate business has continued to pick up in 2016, according to numbers recently released by the Greater Louisville Association of Realtors.
In February alone, home sales rose 22.3 percent, with 1,062 homes and condos sold. For the first two month of this year, home sales are up 13.6 percent.
The median home price for January and February was up 6.7 percent, with the median home price coming in at $148,000, GLAR reported.
“Our Realtor members saw a continuation of a sellers’ market with inventory down over 23 percent compared to this time last year. The lack of inventory was the driving factor in the median price increase of 6-7 percent,” GLAR President Greg Taylor said in a news release.
Nationally, the housing market also is seeing home price and sales increases.
“The housing market has shown promising resilience in recent months, but home prices are still rising too fast (in many areas) because of ongoing supply constraints,” Lawrence Yun, chief economist for the National Association of Realtors, said in the release. “Despite the global economic slowdown, the housing sector continues to recover and will likely help the U.S. economy avoid a recession.” —Caitlin Bowling