The houses that were sold by real estate broker groups in Louisville, Kentucky during the month of March 2011 were unloaded for much less compared with the same 2010 period. Residential prices dropped in the area by nearly 6% from last year, while February figures also posted a year-over-year decrease which was more than 3%.

Data from CoreLogic showed that the prices of houses in the area of Louisville-Jefferson County declined by 5.92% in March of this year compared with the same 2010 month when foreclosed homes in Louisville KY and Jefferson were included in the evaluation. During February 2011, residential prices posted a drop of 3.48% when compared with February of last year. This figure also included distressed sales. Meanwhile, prices did a bit better when distressed property sales were taken out of the equation.

Excluding foreclosed homes in Kentucky, prices in the region dipped by only around 0.50% in March from one year ago. In the month of February 2011, prices were down from one year ago by around 1%. Majority of real estate agents in the metropolitan region stated that they did expect prices to drop during the first few months of 2011, given that 2010 sales and prices were artificially inflated by the U.S. federal governments tax credit program.

Members of local real estate broker groups also stated that the current status of housing prices in the metro region is not as bad as it looks, particularly when distressed housing sales were taken out of the picture. In addition, local housing prices did much better during February and March compared with nationwide prices which posted higher percentage decreases for both months.

When houses in foreclosure are included in the price analysis, national residential prices took a dive in March 2011, decreasing by 7.5% compared with the same month of last year. For February 2011, average selling prices in the U.S., including distressed and foreclosed property sales, dipped by 5.8% compared with the February 2010 period. Realtors reported that foreclosures and short sales continue to drag housing prices down in most areas of the country and they expect the same thing to happen for most of 2011.

Despite the continuous drop in prices, most real estate broker associations are expecting improvements in sales in the coming months. They stated that 2011 housing industry figures will remain much the same as last year and any form of recovery will have to wait until next year.

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