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Kentucky housing market bounces back in October after September slump, follows national trend
After slipping a bit in September, the housing market in Kentucky picked up in October following the national trend for the month. The number of homes sold in October rose 1.8 percent to 4,421 sold versus 4,342 sold in 2016. For the year, the number of ...
Home prices in Kentucky have continued to climb, with the October median reaching $129,829 compared to $118,144 in October 2016, an increase of almost 10 percentFor the year, median home prices are up almost 4 percent, hitting $127,194 for the first ten months of the year.
Housing inventories saw a slight increase in September, but fell by over 4 percent in October 2017 versus the same month a year priorYear-to-date, the state’s housing supply is down over 14 percent, dropping from 4.9 months of supply in 2016 to only 4.2 months in 2017Homes are also selling much faster, with days on market in 2017 hitting 119, a 10.5 percent decline from the 133 days in 2016.
“The housing market is still very competitive,” said Mike Becker, president of Kentucky REALTORS“The weather is cooling off and activity usually levels off in the last few months of the yearThat doesn’t seem to be the case, as foot traffic and overall sales are continuing on a record paceBased on year-to-date information, 2018 may turn out to be the busiest year we’ve ever seen despite the low levels of inventory.
From Kentucky Realtors
Tags:Commerce Department · home sales · Housing Market · KAR · Kentucky Realtors · Lawrence Yun · Mike Becker · NAR · National Association of Realtors
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