Northern Kentucky Real Estate Market

August 2015

Existing Home Sales Report

According to the National Association of Realtors®, June's sales of existing-homes sales hit the highest level in more than eight years, while the combined forces of growing demand and limited supply conspired to move the national median sales price to an unprecedented high. Every major region saw increased sales in June; transactions were above year-over-year levels for six consecutive months.

Total existing-home sales, which tabulate transactions for single-family homes, townhomes, condominiums and co-ops, grew 3.2 percent to a seasonally adjusted annual rate of 5.49 million in June from May's downwardly revised figure of 5.32 million. Sales are now at their highest velocity since February 2007 (5.79 million), and have increased year-over-year for nine consecutive months.

Existing Home Sales By Region

NAR's chief economist, Lawrence Yun, said that this spring's buying season has been the strongest since the downturn. Yun noted that "Buyers have come back in force, leading to the strongest past two months in sales since early 2007." Yun added that "This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that's giving more households the financial wherewithal and incentive to buy."

Yun also suggested that "June sales were also likely propelled by the spring's initial phase of rising mortgage rates, which usually prods some prospective buyers to buy now rather than wait until later when borrowing costs could be higher."

Key Takeaways

  • The median existing-home price across all kinds of housing in June was $236,400, which is 6.5 percent higher than June 2014 and eclipses the top median sales price set in July 2006 ($230,400). June's price increase also denotes the 40th consecutive month of year-over-year gains.
  • The percentage share of first-time buyer transactions dropped 2%, to 30 percent in June from 32 percent in May. Nevertheless, it was still at or above 30 percent for the fourth month in a row. A year ago, first-time buyers represented 28 percent of all buyers.
  • Properties remained on the market for 34 days in June, a drop from May's 40 day duration, representing the shortest duration since NAR started tracking this data in May 2011. Short sales were on the market the longest at a median of 129 days in June, while foreclosures closed in 39 days and non-distressed homes took 33 days. Forty-seven percent of home transactions in June were on the market for less than a month — the highest percentage since June 2013.

Make Your Offer Count!

In today's competitive housing market, it is more important than ever for home buyers get their financial house in order when applying for a loan. While there are online resources available that can provide a sense of your overall financial position, be sure to review your credit report in person with your mortgage professional and get pre-approved for your loan before making an offer on a home.

A little preparation goes a long way and can make a big difference when it comes to closing on your dream home. Contact us today to get the right loan for your current needs!


Tips for Sellers

When preparing your home for sale, a number of simple cosmetic changes often provide the biggest return on investment. Here are three tips to upgrade your house without breaking the bank:

  • Bring in the light. The right light creates the right mood. Adding lights to dark rooms can make your home feel warm and inviting. Bring outdoor light inside by opening curtains and installing economical suntubes.
  • Create Space. Many of today's buyers are looking for open rooms. Consider removing unwanted walls to make your home feel more spacious. Buyers will often pay a premium to get a bit of extra room.
  • Replace Flooring. Get rid of that old carpet in the den and replace it with today's newer hardwoods and laminates. You don't have to spend a lot to make a big impression!

These simple tips can help you sell your home and take advantage of today's market. Please contact us if you have any questions about selling your home. We are here to help!

Contact Information

Photo of Mike Parker - CRS Real Estate
Mike Parker - CRS
HUFF Realty
60 Cavalier Blvd.
Florence KY 41042