Home sales in Louisville decrease for 14th straight month

LOUISVILLE, Ky. (WDRB) -- Home sales in Louisville decreased for the 14th straight month in February, but inventory levels are still low, according to the Greater Louisville Association of Realtors.

According to a news release, total existing home sales, which includes single-family homes, condominiums and townhomes decreased 20.6% from February 2022 to February 2023. The Realtors Association said strong demand combined with low supply has resulted in price growth.

A median home price in February was $243,000, an increase of 3.4% from February 2022.

"Louisville is one of the most affordable cities in the country and offers employment opportunities, quality of life, and wellness and culture," said GLAR President Kimberly Sickles. "Despite the increasing prices and lack of sufficient housing supply, we continue to see strong consumer demand in Greater Louisville."

Bankrate ranked Louisville as the 15th best metro area for first-time buyers in 2023. Housing inventory increased 38.4% at the end of February 2023 compared to last year.

Louisville's supply of homes was 1.40 months in February. The realtors association said a balanced market offers between six to nine months of supply.