Local Realtors in the Louisville, Kentucky area report rising housing inventories, and rising sales as buyers try to buy before rising interest rates puts them out of the home of their dreams.

"Louisville remains the Gem of the Lower Midwest with its unique combination of downhome friendliness and uptown metropolitan amenities," says Realtor David Melendy. "The continuation of once-in-a-generation low interest rates is maintaining a yeasty market where buyers can afford to purchase more home than ever before and sellers can expect fair offers on well-maintained homes that are professionally presented.

"Mr Greenspan's expectation of rate increases later this year will have an effect, but not today," Melendy adds.

Says Realtor Steve Elmore. "Homes are still selling. Prices tend to be up in most areas. It appears that homes are still not moving fast though, as buyers are looking over all the inventory that is available. Buyers seem to be reluctant to make a decision - not sure of future events."

Elmore advises, "With interest rates at a record-low range, it is an excellent time to purchase that first or next home. Investment properties are available in abundance as foreclosures are still at their highest levels, especially in Jefferson County."

In Fern Creek, a Louisville bedroom community, homes are seeing a turnaround, says Realtor Bob Patton. "The number of homes being listed are up and the number of homes being sold are up compared with last year's numbers. The number of homes listed for sale are up by 23 percent since the same time last year. Rates have gone up this past week, to around 6.3 percent. Home buying is up this week, 6 percent compared to the same period last year. That's good news - it means homes are selling! This past week's activity is "so-so news," but, hopefully interest rates and warm spring weather will bring more buyers back into the market. Total number of homes currently listed...is over 5800 in the Metropolitan area."

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Published: May 31, 2004

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