The vice president of the Greater Louisville Association of Realtors says the local housing market is in the midst of a recovery.
Last month’s home sales were 67 percent above November 2008. Lisa Stephenson says the high sales mark the continuation of a trend that began in summer.
“The last five months of 2009, we say increased sales over 2008,” she says. “So we’ve seen a really great 5 months. That started in July. June was about the same as last year.”
Stephenson says many of the houses sold in November were in the starter-home price range. She believes many buyers were trying to take advantage of the first-time homebuyer’s tax credit, which was originally set to expire at the end of the month.
“We did see a large increase in the price range of $120 to $160 thousand was our biggest increase. So that leads us to believe there were a lot of first time home-buyers in there,” she says.
Stephenson says other price ranges also saw increases, leading her to believe the market is in the midst of a recovery.
The homebuyer tax credit has been extended through April, so Stephenson says sales for spring 2010 could continue the recovery trend.
Stephenson says home sales typically decline in winter, but increase again in March before peaking in the summer.