Monday, January 23, 2012

Louisville-area home sales on the rebound? - WDRB 41 Louisville - News, Weather, Sports Community

Louisville-area home sales on the rebound? - WDRB 41 Louisville - News, Weather, Sports Community



Louisville, KY (WDRB News) --Home sales were up in December to the highest level in nearly a year. In the Louisville area, there are signs that the troubled housing market may be improving.
It has been a long time coming, but Louisville realtors are optimistic that 2012 will see an improvement. "The sales in October, November, and December of 2011 are better than 2010," says Louisville Realtor John Fischbach, "but those were easy numbers to compare to after the tax credits had expired."
Despite a strong fourth quarter, fewer homes were sold during 2011 than in the previous year. Last year more than 10,000 homes were sold in the Louisville area -- that's a four percent decline from 2010.
That year homes sales received a boost from government incentives such as the first-time home buyers tax credit. That was not available last year, so home sales went down.
But the most recent numbers show that in December sales were up from the previous December, although the median sale price was still lower at $160,000.
Fischbach believes sales this year will improve over last year, but at a moderate price. He says, "I think it is going to take continued low interest rates like we have right now, a moderate release of bank-owned properties, so there is not too much shock to the system. And that it always comes back to jobs. If it is a healthy job market in the local economy, it is going to be a good housing market."
He says it remains a buyers market, with an eight-month supply of homes.
Since the housing bust four years ago, homes sales have slumped under the weight of foreclosures, tighter credit, and falling prices.
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