NKY Home Sales Bounce Back in June

Florence, KY – July 22, 2014. The Northern Kentucky Association of REALTORS® and the Northern Kentucky Multiple Listing Service report that home sales were up by 6% in June (599) over the home sales for June 2013 (565). Home sales have been up and down since the beginning of 2014 in NKY due to a number of factors. One of the snowiest on record, 2014 came in fast and furious. 2014 also brought some disheartening news that Toyota would be moving its headquarters from Northern KY to Plano, TX. In addition, inventories of residential homes for sale were down.

 

At the mid-point of the year, things are looking up. The MLS reports that the number of new listings has risen in each month this year with 986 in June bringing the number of active homes for sale to 2806. The increase of available listings in the lower price points will help first-time home buyers purchase a home since first-time buyers are so vital to the health of the housing recovery overall. With inventories down, it has driven average selling prices higher, giving sellers an equity boost that was lost in the housing crash of 2008-2012. Employment, the key to economic stability, has recovered to the point where modest growth is predicted for the remainder of this year and next.

June2014vs2013stats

 

For people with good jobs and strong credit, today’s real estate market is an attractive one ─ with low mortgage interest rates and continued affordability. However, some buyers, especially first-time buyers, are struggling to enter the market and don’t always find the home buying process easy.

According to the National Association of REALTORS®, first-time buyers accounted for 26 percent of home purchases in January. This is down from 30 percent a year ago, making it the lowest level for first-time buyers since October 2008. This group of buyers should normally be closer to 40 percent of the market.

Things like tight credit, limited inventory, higher home prices and higher mortgage interest rates are hindering first-time buyers. Most recently, high student loan debt has kept first-timers on the sideline. Traditionally, first-time buyers are instrumental in housing recoveries because they help existing homeowners sell and make a trade up to a larger home. Therefore, it’s important to make sure first-time buyers who are willing and able to purchase a home have the opportunity to do so.

We would like to remind the buying and selling public that all real estate is local, so it’s smart to work with a REALTOR® who is familiar with your community. These professionals have the training and knowledge to negotiate on your behalf, to support you through one of the most important emotional and financial decisions you will make in your lifetime.

Call a local REALTOR® today!