Jefferson, Oldham counties see a big home price spike in July, but why?
The Greater Louisville Association of Realtors said today that home sales are still up in the Louisville area for the year despite a sales lull last month.
But it also showed that the slide in home sales corresponded with a spike in the average selling price and a contraction of sales listings.
In Jefferson County, the average selling price for July was $211,729, a 13 percent increase from July 2015. Oldham County’s average selling price saw an even more dramatic 16.6 percent spike, to $332,067.
The average selling price for 2016, however, is a more moderate $194,399, a 2.7 percent increase, in Jefferson County and $299,002, a 2.1 percent increase, in Oldham County when compare to figures from last year.
The median selling price for a Jefferson County home also was up 12.7 percent during the month of July, to $178,000. For all of 2016, Jefferson County’s median home price was $159,900, a 5.2 percent increase.
According to the report, home sales were down about 7.5 percent in July, with 1,625 homes selling in the area during the month. More than 1,100 of those homes were sold in Jefferson County.
Year to date, though, home sales are up by 6 percent, with 10,012 homes sold through July.
This comes as GLAR recorded an 18.9 percent reduction in home inventory areawide in July, with less than 5,000 home listings. In Jefferson County, the inventory has shrank even more, to 21.1 percent, with 2,860 active listings.
“The inventory issue facing buyers is getting better overall, but the most popular areas still have fewer homes available for buyers to choose from,” GLAR president Greg Taylor said in a news release. “As expected, showing activity has dropped off somewhat concurrent with school getting back in session.”
Marty Finley covers economic development, commercial and residential real estate, government and sports business.