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Louisville Property Trends When compared to Remaining Country

Starting with home sales on a national basis, sales of existing homes are up 36 percent by November 2009 (the most recent property figures available) using their lowest reason for January 2009. Home sales in Louisville are up a more modest 17.4 % over the same period. It's important to note, however, that although Louisville's housing market had suffered setbacks in line with a number of other regions of the country, these setbacks were mostly not as deep or severe. This puts Louisville's realty market recovery in a a lot more favorable and accurate light.

Median sales prices are another barometer from the local and national housing industry that real estate professionals and economists use to determine real estate trends. Nationally, median selling prices of existing single-family homes are down 4.3 % year-over-year from the previous November by having an average value of $171,900. The median value of Louisville homes for sale is up 1.1 percent or $1,350 to $126,750. Again, Louisville's gains are modest however with a lot of housing markets across the nation reeling in the housing crisis, Louisville real estate is outperforming many other markets, at least for now.

Another important indicator of a market's health is the quantity of foreclosures. Foreclosures negatively impact housing values and create a host of other problems plus some neighborhoods across the nation have whole streets with abandoned homes with only one or two occupied. Nationally, the news on foreclosures is grim with another wave of foreclosures expected in mid-2010 as the second round of adjustable-rate mortgage rate increases is due. In the third quarter of 2009, foreclosure filings, including bank repossessions, default notices and scheduled auctions, rose Five percent in the second quarter to 937,840 properties repossessed. This increase in foreclosures was up a very discouraging 23 percent from the third quarter in 2008.

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Louisville foreclosures aren't as dire because the remaining country, but still a significant problem for homeowners, lenders yet others. Within the latest report available, the Louisville housing market suffered 1,496 foreclosures from September to November 2009. That is still a really high figure for the Louisville metropolitan area; however, compared to comparably sized cities across the country, Louisville is faring far better than most. Area of the reason for this is Louisville real estate values didn't escalate as steeply within the previous years as many other markets round the country did, then when they fell, they didn't fall as hard.

Overall, the marketplace isn't great, but very few markets across the nation are at the moment. Louisville property prices have stabilized for the time being and are showing modest appreciation. Whether the Louisville realty market will continue to improve within the coming year is tough to forecast for now, however, many Louisville insiders are confident that it'll.