Find Real Estate Agents and Homes for Sale

Real Estate News --> Kentucky News

Strong sales, increasing home values, continued to drive the Kentucky real estate market in January

Coming off a record-breaking year in 2017, the real estate market in Kentucky continued its run of strong sales activity and increasing home values in January. Total home sales in January were the second highest on record at 3,024, only 27 sales shy (0.1 ...

Archived Story

Median home prices across the state rose 4.6 percent in January to $122,433, up from $116,994 in January 2017, making it the highest median price recorded for January in any yearTotal sales volume hit $544 million in January, a 5.9 percent increase over 2017. Home prices, according to Lawrence Yun, chief economist for the National Association of Realtors (NAR), are being driven higher due to lack of available properties not only in Kentucky but across the entire country. “The utter lack of sufficient housing supply and its influence on higher home prices muted overall sales activity in much of the U.Slast month,” Yun said“While the good news is that REALTORS® in most areas are saying buyer traffic is even stronger than the beginning of last year, sales (nationally) failed to follow the course and far lagged last January’s paceIt’s very clear that too many markets right now are becoming less affordable and desperately need more new listings to calm the speedy price growth.” Click to enlarge In Kentucky, however, affordability is less of a problem than in many parts of the countryThe median home price nationally was $240,500, almost double what is seen throughout the stateIn the three largest metro areas, Louisville, Lexington and Northern Kentucky, median home prices were still 30 to 35 percent lower than the U.Sas a whole. Housing inventory in the state leveled in January, down only 2%, after rising 2.4 percent in December and remaining even in the fourth quarter of 2017With 5.3 months of inventory reported, this is considerably more than the national level of 3.4 monthsSix months of inventory is considered a balanced marketNAR is reporting the tide may finally be turning for housing inventory as new home construction jumped in January and homebuilder confidence is highThese two factors will hopefully lay the foundation for the building industry to meaningfully ramp up production as 2018 progresses. Days on market (DOM), an indicator that shows housing demand, dipped 11.5 percent to 116 days in JanuaryIn 2017, days on market dropped to 118 days, which reflects that homes are still moving quickly when brought to market. “The market is only going to become more competitive as the weather changes, buyers continue their search for homes and the promise of higher interest rates stays on the horizon,” says Cline“Those planning to buy a home this spring should get pre-approved for a mortgage soon and, conversely, sellers that will be listing their home in the spring or summer months should start preparations now so it’s ready to go when the time comes to get it listedWith the economy in good shape, I’m predicting that real estate in Kentucky will continue at a strong pace throughout the year.” To view housing statistics for the state, as reported to Kentucky Realtors, click here. From Kentucky Realtors Tags:Housing statistics · Kentucky Realtors · KYR · Lawrence Yun · Lexington · Louisville · National Association of Realtors · Northern Kentucky · Steve Cline Related Posts Louisville-based WireCrafters announces $5.37 million expansion, adding 100 full-time jobs 02/28/2018· 0 Comment Kentucky by Heart: Corbin Seavers teaches children the game of chess, and how to win at the game of life 02/27/2018· 1 Comment Louisville-based plush pet replica manufacturer Cuddle Clones announces new Louisville location 02/24/2018· 0 Comment Leave a Comment Cancel Reply Name * Email * Website var localyokel_adsvr_adspace_vAppRoot=""; var localyokel_adsvr_adspace_id="18797"; var localyokel_size= "160x600"; var localyokel_custom=""; Home Business Government Health Philanthropy Education Sports News Region/State Living Opinion Out of the Blue

Trending Kentucky News:

  • The Latest: More than 2 dozen evacuated in Kentucky town
  • Kentucky Derby a huge success for Vegas sportsbooks
  • CEO of mental health agency retiring; state audit report due soon
  • Hale signs proclamation for Domestic Violence Awareness Month
  • U of L Foundation Reverses Course, Won’t Review Oklahoma Real Estate Deal
  • Music City Bowl Referees Threatened After Ejecting Kentucky RB Benny Snell
  • What's the Difference Between a Real Estate Agent, Realtor and Broker?
  • US awards $744,202 grant Bingocize(R) in KY nursing homes
  • Price fixing settlement could mean money for those who sold their home
  • Real Estate Contacts, Inc. Enters Into Green Sector
  • Woman has collection of 150 hats for Kentucky Derby
  • Kentucky Auditor candidates trade accusations
  • Kentucky latest state to eye change in solar power law
  • Booze bill raises ethics question in Kentucky's legislature
  • Josh Harrellson awarded more than $1 million in suit against Leon Smith
  • Jeb Burton Teams up with The Z Real Estate Group, Keller Williams Burlington and Biagi-DenBeste Racing
  • DRF Breeding Weekend Wrap: Final major Kentucky Derby preps contested, Wise Dan returns in style
  • Longtime Republican Lawmaker Retires
  • All the presidents’ cabins: Why we’re so enamored with these humble log homes
  • Omaha referee attacked online following Kentucky-UNC tournament game