Local Market

Greater Louisville Association of Realtors®

Residential Sales Statistics

Single Family Residential & Condo

June 2021 Home Sales Up 13% with Average Price Up 11.7%
and 38.1% Less Inventory

The Greater Louisville Association of Realtors (GLAR) reported year-to-date sales volume up 13.1% in June
2021. The pace of growth slowed to 1.2% in June with 1892 homes and condos sold, versus 1870 in June
2020. The year-to-date figure remains higher due to the impact of Covid-19 on sales in April-June 2020.

The average price was up 11.8% year-to-date, compared to this time last year. In Jefferson County, the
average price was $283,969 and the median was $235,000. For all MLS areas, the inventory of available
properties was 38.1% lower than at the same time last year.

GLAR President Judie Parks commented that, “Inventory is still low, but we have seen some improvement
with about 1600 homes and condos for sale versus just 1000 a few months ago. The prevalence of multiple
offers is decreasing, but we are still very much in a sellers’ market.” Parks also added that, “Although lumber futures are now about 1/3 compared to a couple of months ago, local builders are still dealing with higher structural lumber costs.”

Responding to the question whether or not we are heading for another housing crash similar to 2008-10,
the Chief Economist for the National Association of Realtors (NAR) Lawrence Yun noted that the current
housing cycle is “fundamentally different” in two respects. First, we don’t have risky subprime mortgages.
Loan-to-value ratios and debt-to-income ratios are being followed and income documentation is required.
The second major difference is housing supply. When the housing bubble burst, there were 2.1 million
surplus housing units. By contrast, we had a shortage of 4.8 million units at the end of 2020.