The local real estate activity slowed considerably in the third quarter, with sales down and inventory escalating dramatically. It would appear that we are currently experiencing a buyers market. The reasons for this are a little hard to figure out considering that we haven't experienced any major negative economic news and mortgage rates continue to be very attractive. Personally I think that the continued barrage of bad news from the media and that the third quarter was the period leading to the elections has caused a lot of uncertainty.
Third quarter Single family home sales declined 9% in Jefferson County, -19% in North Oldham County, -27% in South Oldham County, -5.23 in Shelby County, -14% in Spencer County. Bullitt County however had a sales increase of almost 9% (YEA). There were some bright spots in the Louisville Metro area with units sold up 7.14% in the Middletown - Anchorage (area 8) and average price up $4320. The Highlands had a sales decrease of 3% in homes sold, however the average homes selling price was up $19145 or 11.32%.
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