A nonprofit publication of the Kentucky Center for Public Service Journalism

Kentucky Realtors reports housing market takes big leap in June, thanks to low mortgage rates, job gains

COVID-19 had an adverse, albeit short, impact on the Kentucky housing market this spring. Higher pending contracts over the past two months indicated that sales would come roaring back. June would not disappoint. 5,426 closings took place in Kentucky, up a whopping 13% over June of last year. Year-to-date sales climbed to 24,159. This is 1% greater than sales through June of 2019 which peaked at 23,945. Nationally,...

Kentucky home buyers push prices higher as slower pace of new listings forces bidding wars

Forty-five percent of Kentucky Realtors said that a greater number of their buyers were returning to the market according to the June 2020 edition of the HousingIQ Survey of Kentucky Realtors. Sixty-five percent of the 344 Realtors from across Kentucky reported that their buyers were not expecting lower prices. “Home prices will be pushed higher as investors and consumers compete in a low inventory...

Kentucky Realtors report home sales down in May — but pending sales will show up stronger in June

Home sales numbers were down as expected in May — 3,894 closings took place, down 23% from the 5,051 homes sold in May of 2019. The best way to measure what the next month will look like, however, is to look at pending sales (homes under contract). Last year, that figure for May was 7,311. This May saw that indicator rise by over 16% to 8,511. This indicates that June could emerge much stronger. (Click...

COVID-19 effects on Kentucky housing market not as dire as expected; April sales drop 12.5 percent

The effect of COVID-19 on the housing market in Kentucky was finally seen in the April statistics as a 12.5 percent drop in homes sold. A total of 3,748 closings took place in April, down from 4,281 in April 2019. Housing market experts have been predicting a nationwide dip in sales for 2020 of about 10 percent. Nationwide existing-home sales dropped 17.8 percent from March to a seasonally adjusted...

Majority of Kentucky Realtors say buyers are starting to return to market, says HousingIQ survey

Nearly three out of five Kentucky Realtors – 61% – said their sellers were holding back listings due to current economic uncertainty, according to the May 2020 edition of the HousingIQ Survey of Kentucky Realtors. Nearly 60% of the 374 Realtors from across Kentucky reported that their buyers had started to return to the market. ”Home prices are gaining due to tight inventories that have further...

Kentucky real estate market had momentum prior to the COVID-19 pandemic; future is hard to predict

Home sales continued their strong showing in the early months of the new year. Closings were up about 9 percent at 3,384, up from 3,108 in February of 2019. Rising median prices meant larger transactions, though, and sales volume had an even more notable rise. Sales volume in February reached $667.5 million. This bested last year’s figure of $579.7 million by just over 15 percent. Nationally, total...

Report: Most of Kentucky’s home sellers hold steady but buyers discouraged by stock market correction

HousingIQ Survey of Kentucky Realtors finds home sellers take a wait-and-see approach as buyers are growing discouraged by the recent stock market correction. Click to enlarge Nearly two out of three Realtors — 65 percent — said their buyers were significantly discouraged by the recent stock market correction, according to the March 2020 edition of the HousingIQ Survey of Kentucky Realtors.  Of...

Kentucky home sales jump 18.5 percent from last year; record-high 3,153 homes sold in January

Kentucky home sales in January 2020 jumped 18.5 percent over the previous year. The closings figure reached a record high for the month at 3,153 homes sold, compared to 2,661 in January of 2019. For the second straight month, overall nationwide sales substantially increased year-over-year, up 9.6 percent from a year ago (4.98 million in January 2019). Lawrence Yun, National Association of Realtors’...

Homes are selling faster than ever in Kentucky; record-breaking sales pace continues

Five years ago (August 2015) homes in the Commonwealth took an average of 139 days to go under contract. This past August, homes stayed on the market an average of just 96 days. That is the shortest timeframe for August on record. 5,329 homes were sold in August compared to 5,485 homes in August of last year, a 3 percent decrease. Year-to-date figures are trending higher, however. So far in 2019,...

Lack of homes for sale threatens record-setting year; median home price in Kentucky at all-time high

For only the second time in the last ten years June home sales did not top those of the previous month. June home sales have historically been three percent higher than that of May’s (of the same year). June saw a five percent drop in that figure as closings fell to 5,097 sold, down from 5,347 in May 2019. June’s figure was down year-over-year from last June by 2.4 percent. Strong spring sales...

Available homes for sale in Kentucky reach record low, May home sales second highest on record

If no more homes were placed on the market in Kentucky, it would take 3.1 months to sell everything in inventory at present. That figure is at the lowest point since it began being tracked by Kentucky REALTORS in 2013. Economists say that a healthy housing market has about a 6-month inventory level. In the Commonwealth, supply just can’t keep up with the increasing demand. The unfortunate side-effect...

Kentucky home sales not hampered by near record-low inventory; pricing comparable to 2018

The number of homes available for sale continues to slide in Kentucky. That figure sits at a near-record low of 3.5 months, which is the time it would take to sell off all listed homes if no others were added to the market. This fact hasn’t seemed to slow down sales just yet, however. April 2019 saw 4,581 homes sold which is up half a percent over April 2018’s figure of 4,552. Year-to-date, homes...

KY home sales virtually unchanged in March; first quarter pace foreshadows 2nd highest year on record

Dropping inventory continues to be the main concern as the Kentucky housing market continues to hum along at a near-record pace. (Click to enlarge) The first quarter of 2019 closed with 10,322 homes sold, down just one percent over the same period last year. Kentucky home sales in March were down less than a half-percent over March 2018 at 4,252. Existing-home sales retreated in March, following February’s...

February sees record home sales across Kentucky; median sale price up 7 percent over last year

Kentucky home sales in February soared six percent over the 2018 number. Units sold reached 3,323 which is the highest level since 2016 and sets a new record for February. Click to enlarge With larger numbers of homes selling early in the year, rebounding inventory numbers will take a temporary hit. Nationwide, existing-home sales also surged 11.8 percent which is the largest month-over month gain...

Kentucky housing market on pace for second highest year as housing inventory continues to dwindle

Kentucky home sales in November are down just one-quarter of one percent from 2017. Units sold topped out at 3,909 homes which is just 10 units shy of last year’s mark of 3,919. The 2018 housing market is almost as strong as last year’s record-breaking mark. 2018 numbers now sit at 48,615 units sold compared to 2017’s tally of 49,167, down j1.1 percent. Nationwide existing-home sales increased...

Kentucky REALTOR Ring Day brings in more that $13m for Salvation Army through statewide effort

Kentucky REALTORS has announced that the state-wide participation total for the first annual Kentucky REALTOR Ring Day reached $13,102.75. This total is cumulative from nine cities across the Commonwealth. Nearly half of the state-wide total came from Paducah where a donation match brought the Paducah Board of REALTORS area total to just over $6,000. KYR President, Steve Cline, was encouraged that...

Kentucky home sales rebound in August, second-highest monthly sales since June of last year

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...

Kentucky home sales inch up for the second time in 2018; days on market reach lowest on record

Kentucky home sales rose in July for only the second time this year, reaching 5,072 transactions, a 1.4 percent increase over the 5,000 sold in July 2017. For the year, home sales are trailing 2017 by almost 2 percent, with 30,354 transactions through the first seven months of the year (30,950 sales were recorded in the same period for 2017). Click to enlarge Nationally, home sales have fallen for...

Home sales experiencing a decline in Kentucky; prices and inventory on the rise throughout the state

June home sales were at the lowest level for the month since 2014, with the number of transactions decreasing 5.4 percent compared to a year ago at 5,207 in 2018, versus 5,504 in 2017. Even with the decline, total home sales for the first half of 2018 are still on track to be the second highest ever for Kentucky. Through June, home sales reached 25,253, only 2.7 percent (or 697 total homes) below the...

Homes sold in Kentucky drop in May after a record-breaking April; sold total still on record pace

Kentucky’s housing market followed the national scene in May, with home sales decreasing 6.2 percent for the month compared to a year ago. Click to enlarge Even with the decline, total home sales were the second highest ever for the month, reaching 5,057, versus 5,395 in May 2016. Year-to-date, homes sales are down 2 percent with only 410 more homes sold across Kentucky in the first 5 months of 2016...