NKY Homes Selling Faster, Prices are Higher

Florence, KY – September 19, 2013. Northern Kentucky home sales in August (596) outpaced sales recorded last August (518) by 15%. Average prices were higher by 3.44% over one year ago, which is great news for those who are considering listing their home for sale.  One thing that’s clear, homes are selling faster than they were last August.  Days on market (from list date to sale date) went from 87 to 78 and sales have remained above year-ago levels for 26 months.

It’s a win - win for community and consumers alike because, when homes are sold, it pumps money in to the local economy.  From appliance purchases to carpeting, landscaping and paint, there’s a boost to the economy when a home is sold.  For the home buyer, it’ a chance to increase their creditworthiness and in most cases, their financial wealth over time. “Home” is a place to create memories and traditions that last a lifetime. 

Listing inventories are still rather low, which is causing buyers to be frustrated when a home they like is snapped up before they can make an offer.  Buyers are finding that they have to act quickly if they find their dream home because more and more properties are involved in multiple offer situations.

August Stats 

 As we mark the five year anniversary of the U.S. housing collapse of 2008, we reflect on the financial meltdown, foreclosure crisis, and how housing has slowly come back from the brink of catastrophe. With the support of REALTORS®, the administration enacted policies to stabilize the market, recover home values, ensure access to affordable credit, and most importantly, renew faith in the value of homeownership. REALTORS® supported Congressional efforts to pass the First Time Home Buyers’ Tax Credit program, which helped millions of first time homebuyers purchase their “American Dream” home.

As a result of these policies, we can see the impact in our local neighborhoods. Millions of underwater mortgage holders have found relief, and much of the foreclosure inventory has been sold to new owners. But, there is still work to be done to ensure that housing doesn’t slide back into troubled waters. REALTORS® continue to advocate for lending practices that ensures creditworthy buyers always have access to safe, reliable mortgages such as 30-and 15-year fixed-rate loans, even in tough economic times.

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.