Kentucky Home Sales Rebound in August 2018
KENTUCKY HOME SALES REBOUND IN AUGUST 2018
Kentucky home sales followed the national trend by rising in August and reaching 5,485 transactions. This is a 4.3 percent increase over August 2017 and the second highest monthly sales for the state since June 2017. For the year, home sales are trailing 2017 by just 1.02 percent, with 35,838 transactions through the first eight months of the year (36,208 sales were recorded in the same period for 2017).
Nationally, existing home sales remained steady in August after four straight months of decline, according to the National Association of REALTORS® (NAR). NAR Chief Economist Lawrence Yun says the decline in existing home sales appears to have hit a plateau with robust regional sales. “With inventory stabilizing and modestly rising, buyers appear ready to step back into the market”.
Home prices in Kentucky rebounded in August by 3.2 percent to a median price of $134,440 after a decrease in July and are up from $130,220 for August 2017. Nationally, median home prices rose 4.6 percent from August 2017. The U.S. median home price in August was $264,800, roughly twice that of Kentucky’s.
Kentucky’s housing inventory fell from 3.82 months in July to a 3.56 month supply in August 2018 and is down 7.3 percent from August 2017. Nationally, housing inventory at the end of August remained unchanged from July and is at a 4.3 month supply.
In July, the number of days properties stayed on the market had hit a record low of 95 days, but in August rose to 104 days. Still, the time properties stay on the market in Kentucky is down 11.9% from August of 2017 and year-to-date, is down 9 percent. Nationally, the time properties typically stayed on the market rose slightly, but is at just 29 days. Across the country, 52 percent of homes were on the market for less than one month.
“Nationally, surveys show that half of all Americans strongly believe now is a good time to sell their home, but their belief that now is a good time to buy one is now 5 percent lower than the previous quarter” said Steve Cline, President of Kentucky REALTORS®. “ We know that the Kentucky and national economies are booming, but many people are fearful of selling their home and not being able to find a replacement quickly or that they can afford,” Cline said.
Kentucky REALTORS® is one of the largest and most influential associations in Kentucky. Founded in 1922, Kentucky REALTORS® represents more than 11,000 REALTORS® who are involved in all aspects of real estate, including residential and commercial real estate brokers, sales agents, developers, builders, property managers, office managers, appraisers and auctioneers.
To view housing statistics for the state, as reported to Kentucky REALTORS®, visit housingstats.kyrealtors.com.