NKY’s Average Sale Price Climbs to Highest Ever in June

NKY’s Average Sale Price Climbs to Highest Ever in June Florence, KY – July 21, 2016- The Northern Kentucky Association of REALTORS® and the Northern Kentucky Multiple Listing Service announced today that residential home sales in local neighborhoods were up by 6.5% in June (700) over the robust numbers from June, 2015 (657). Average sale prices continue to climb locally, $183,282 / $177,404 (June 16 / June 15) a 3.31% increase. The average selling price of $183,282 is the highest average price the MLS has recorded, beating out the then highest average price of $177,404- in June 2015. The MLS had 731 homes go pending in June, the third highest number since 770 pended in April 2010, due to the first time homebuyer tax credit offer at that time.


NKAR and NKMLS are excited to report that just last week the U.S. Senate unanimously approved new legislation, "Housing Opportunity Through Modernization Act," that was backed by NAR and REALTORS® nationwide which includes reforms to current Federal Housing Administration restrictions on condominium financing, among other provisions. The U.S. House of Representatives had passed the bill in February, 427-0. Changes include efforts to make FHA's recertification process "substantially less burdensome,"while lowering FHA's current owner-occupancy requirement from 50 percent to 35 percent. The bill also requires FHA to replace existing policy on transfer fees with the less-restrictive model already in place at the Federal Housing Finance Agency. There are many condo complexes that can’t get FHA certification due to current policies. In a recent statement, Mr.Tom Salomone, 2016 President of the National Association of REALTORS® spoke about this victory for housing: "Condominiums often represent an affordable option that's just right for first-time and low-tomoderate income homebuyers. Unfortunately, overly-burdensome restrictions on condo financing have for too long put that option out of reach for many creditworthy borrowers. This legislation meets those restrictions head on, putting the dream of homeownership back in reach for more Americans. Tight inventory and rising home prices are a reality of today's market, and mortgage credit is hard to come by. We should take every opportunity to clear the
path for well-qualified borrowers to purchase a home when they're ready, and this legislation does just that.” REALTORS® don’t just list and sell property. They are real people, just like the buyers and sellers they serve. REALTORS® buy homes, have families and are active in their communities. They support housing initiatives and advocate for homeowners rights by using their large
membership numbers across the country to encourage Congress to act when new or changed legislation is being considered. Using a REALTOR® is a smart choice in any market but especially when homes are selling fast. Pricing your home correctly from the beginning is so important. Your REALTOR® has the training, resources and experience to help you get the most exposure for your home at the best price. The 1000 member Northern Kentucky Association of REALTORS® and the 1380 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.