The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report.
- First-time homebuyers made up 31% of all sales in August.
- Homes are selling quickly with 51% of homes on the market for less than a month.
- A limited supply continues to drive up prices for the 66th consecutive month.
Real estate sales in #Kentucky continued to increase after a strong first half of the year.
- Total home sales in July hit 4,996 for a 3.9 percent increase over the same month in 2016.
- Year to date, home sales hit 30,939 versus 29,596 in 2016, an increase of 4.5 percent.
- These improvements in the market come at a time when housing inventories across the state dropped to under 4 months in July, a decrease of 13 percent from a year prior.
- For the year, inventory levels have declined almost 17 percent versus the same time in 2016.
Bottom Line: The Lack Of Existing Home Inventory means slows sales heading into Fall 2017