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NKY Home Sales Reach Six Year High in July

Florence, KY – August 21, 2013. Northern Kentucky REALTORS® are excited to announce a 32% increase in home sales for July 2013 (590) over July 2012 (446). This was the highest number of NKY home sales in six years (August 2007) when 616 home sales were recorded. Housing statistics in every category were up this month, positioning Northern KY for another year of housing boom over the housing bust from 2008-2011.  For the month of July, NKY celebrated 2+years where home sales have increased-year over year.  Average home prices rose 6.5% to $159,610 for July, and days on market were 11 days better than we saw last July.  Highest sales volume since August 2007, higher average and median prices, and lowest days on market since 2006 all signal the rebound of consumer confidence in housing.

July stats

Even though housing has shown definite growth, there are some key elements that are concerning. Inventories are still low, which is great news for sellers. At 5.3 months of inventory for residential properties, we are seeing the shortest number of months in the last year that it would take to sell off the entire active inventory. Low inventories tend to drive prices higher.

Monthsofinventory

Today, buyers may be concerned about rising interest rates.  While rates are still low, historically, today’s buyer is used to rates being in the 3% range and below.  If they are serious about purchasing their dream home, timing is key. With rates ticking upward, buyers should consider how much they can save by locking in at a lower rate.

This is an example of how a rate variation effects payment:
Price of Home:  $159,000 (average price of NKY sales in July)
Down Payment:  -31,800 
Amt. Financed:  $137,200
30 Yr. Fixed at 4.5%=   $695.17
30 Yr. Fixed at 5.0%=   $736.52

One thing is for sure, American’s value home ownership. We all want a place to call home, a place to raise our families, become part of a community and feel safe. Historically, a home purchase has been a way to increase our financial stability over time. To help us achieve our “American Dream” is our REALTOR®. REALTORS® are a great consumer resource for guidance through the buying or selling process.  Their experience, expertise and training can make them a valuable part of your team.

The 850 member Northern Kentucky Association of REALTORS® and the 1200 users of the Northern Kentucky MLS (NKMLS), Northern Kentucky’s leader in the real estate information and services business, operates with a professional staff from 7660 Turfway Road, Suite 100 in Florence, KY.  Both NKAR and the NKMLS work to protect the public’s right to transfer real property and promote better public understanding of the profession and the real estate transaction process.