The Louisville Courier-Journal recently published an article claiming that Louisville home prices rebounded slightly in May 2009. The Greater Louisville Association of Realtors said that the median price of homes sold by its members in May rose 1.5 percent over homes sold in May 2008. The median selling price in May was $137,000 and this is the first monthly gain in Louisville residential real estate since January 2008. Jan Scholtz, the association’s president, said that Louisville realtors who belong to the organization greeted the news with enthusiasm. “Obviously we’re elated,” said Jan Scholtz, “We just think there is a little bit of easing of the lack of consumer confidence.” However, Scholtz also cautioned members against placing too much emphasis on the impact that a one-month hike in Louisville home prices might have on the Louisville real estate market. She said that she expects the market’s median home selling price to experience an overall drop for 2009, mostly due to the amount of first-time home buyers taking advantage of the federal tax credit. The program is intended to boost home sales around the country by offering qualified first-time home buyers up to $8,000 in tax credit toward the purchase of a home until December 1, 2009. Scholtz claims that first-time home buyers accounted for around 70 percent of all Louisville home buyers. She also said that since first-time buyers tend to purchase less expensive homes, the median selling price of homes in the Louisville area is down. Members of the Greater Louisville Association of Realtors reported selling 921 homes in May 2009, which was a 20 percent drop from the same period a year earlier. If you would like more information regarding Louisville real estate services, feel free to contact Louisville Properties by phone at 502.744.9504 or fill out a contact form for a fast reply!