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Some would-be homebuyers in Louisville are facing tough conditions.

New figures from the Greater Louisville Association of Realtors show that the number of homes available for sale is down 17 percent from last year.

The shortage of homes for sale is joined by a nearly nine percent increase in actual sales. Together, these factors mean bidding wars are becoming common—and that drives prices up, said Paula Colvin, president of the realtors’ association.

The average price of a sold Louisville home is nearly $185,000, according to the data. That’s a near eight percent increase from the year prior.

Colvin said she can’t say exactly why the trend is as it is. She credits low interest rates and an improving economy, in part, to the upswing in Louisville’s housing market.

“It is a sellers’ market,” she said. “So we are seeing a lot of bidding wars going on out there, the houses are selling quicker and they’re going for a much higher price.”

Colvin says the number of pending home sales in May was about 20 percent higher than the same time last year, and she expects the trend to continue into at least the near future.

One interesting note: Colvin said Germantown is joining Crescent Hill, St. Matthews and Highlands as neighborhoods with very low available housing stocks.

Here’s a look at the numbers.

housing market 1

housing market 3Jacob Ryan | wfpl.org
Jacob Ryan is a reporter for the Kentucky Center for Investigative Reporting.