LEXINGTON, Ky. (LEX 18) — The housing market in Kentucky is on pace for its second-highest year, coming in just behind 2017’s banner year.
This is according to recent data released by Kentucky realtors. It shows home sales in 2018 are down just 1.1 percent compared with 2017.
The numbers from December have yet to be released, but realtors expect home sales in 2018 to end virtually unchanged compared with the year prior.
“I think we’re seeing some really great general market conditions across the country,” said Justin Landon, the CEO of LBAR, the Lexington-Bluegrass Association of Realtors.
He points to a strong stock market and low-interest rates, for most of the year that is, as factors that have been fueling consumer confidence in the housing market.
“I think we’re starting to see the pent up demand that’s coming out of the recession in ’09 and ’10 and ’11, and folks are eagerly getting back into the market,” said Landon.
The Commonwealth may be on pace for another record year, but Fayette County is not. Home sales were down 4 percent] in 2018. Landon attributes that to a low inventory level.
There just aren’t as many homes for sale due to a variety of reasons.
“Of course one of the biggest ones is just accessibility of labor, and we just have a shortage of crews across the country that are available to do construction, and just a shortage of lots to develop on,” he said.
Despite dwindling inventory across the state and the fact that the median home price in 2018 dropped 6 percent, it is still a seller’s market, Landon says.