LEXINGTON, Ky. (LEX 18) — If you've got your eye on a home, now may be the perfect time to claim it before it's gone, according to a new housing market report which indicates we're coming out of a slump.
The recent report revealed the nation's housing slump deepened in June as housing sales slowed. Although June might have been a slump, Kentucky real estate agent Cynthia Trgo says, July is the month to buy.
"A lot of slow-down activity because people are traveling and doing more than they have the past few years because of COVID," explains Trgo. "Right now it's a little bit more a buyer's market. We've got a lot more inventory that's sitting and not as much competition for those buyers. So the buyers sitting on the sidelines wanting to make a move, now's a great time to do that."
In May 2023, total housing inventory sat at 2,425 homes. As of May 2024, there's been a 16% increase, according to Bluegrass Realtor's.
"So a healthy, stable real estate market is about four to six months of inventory. Right now, we're sitting at about four-point-one. So this should give a lot of people confidence as to where our market goes and how stable we truly are," said Trgo.
Today's average interest rate is around 7% for a 30-year fixed home mortgage. Which is why a lot of sellers aren't putting homes on the market. If those interest rates drop, home prices will increase.
"Depending on the type of market, whether you've got your luxury market, your entry level market. But we're sitting around that 250 to 270-thousand-dollar mark," Trgo explained.
According to Bluegrass Realtor's, the average home spends 38 days on the market. If you have your eye on an open door, it might be time to close on it before you miss your chance.
