Real Estate Prices steady, but inventory still high
The October NAR report shows that the Louisville area real estate market remains relatively healthy when compared with the rest of the country. Home sales for 2007 are less than 1% behind last year’s pace. Moreover, median prices for both homes (3Q: -0.4%) and condos (3Q: +4.2%) are not in free-fall as is the case in some markets, such as Florida and California.
The big issue lurking in the Louisville real estate marketplace, however, is inventory. Louisville has 9.7 months of real estate inventory listed, while the picture across the river in Southern Indiana is even worse at 11.1 months of inventory outstanding. With the credit markets in turmoil and inventory high, the real estate market in the Louisville area will continue to be constrained. At the same time, no one is predicting an all-out crash since housing prices are still affordable for most households in the region.
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