I expected more from June. After a wonderful start to the year, we have certainly leveled out. I believe the record high temperatures have played a role given that June was scorching hot. Perhaps, things will cool and July will see some of June’s action.
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Note: Below you’ll find our monthly reports for the following Louisville housing markets. These charts display Louisville home sales and Louisville median home values with a trend-line. This Louisville real estate area map defines the MLS areas.
All Reports: Period Ending June 2012
After updating this quarterly report, it’s easy to see that May 2010 had something strange happen, perhaps some closings that belonged in May were shifted to June? It’s difficult to get an accurate view of this area with so few transactions. Still, it’s nice to see home prices moving back up!
After two solid months of rejuvenating home prices the 1-year trend line is now no longer moving downward, which is progress but this area is still down a great deal compared to this time last year. Sales are improved after June matched May’s home sales of 97 Louisville homes sold.
After three very strong months, home sales were dismal in Area 4 for June—definitely a move in the wrong direction. Prices also are sliding lower. In July of 2010 the median price for a home sold in this area was $102,900. Last month it was $75,000.
As poorly as Area 4 has been performing, nearby Area 5 looks to be moving in the opposite direction. The eastward march is on? Sale values have returned to normal levels and both May and June saw much better sales activity than last year.
The usually up-and-down numbers for Area 6 saw some regularity in June with home values holding steady. Homes sales while up over last year, were under May, which typically isn’t the case. Overall, a positive month for this part of Louisville.
Home values dipped a bit in June but continue to live above the trend line for this area. Home sales essentially matched last June while barely beating May. Overall, there’s still room for improvement for both home values and sales going forward.
Much like Area 7, this area saw home sale activity match the previous year as value inched higher. The biggest difference is that Area 8 didn’t lose much of its value over the past 18 months like Area 7 did.
Area 9 has seen strong improvement since the start of 2012 and June was no different with both metrics seeing positive results. Clearly the real estate market in this part of Louisville moving in the right direction.
This is one of those cases where looking at the data communicates a different result than seeing it in chart form. Sales looked to be up big time but some of that is mixed when combining the previous month. The last two months saw big improvement in home values but that’s only because it was so far down before. Values are roughly at the same place they were this time last year.