February home sales exceed 2018 total

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Home sales up, shown with graph

LEXINGTON, Ky. (WTVQ) – Kentucky home sales in February passed six percent over the 2018 total.

Kentucky REALTORS says the units sold reached 3,323. It says that’s the highest level since 2016 and sets a new record for February.

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According to Kentucky REALTORS, with larger number of homes selling early in the year, inventory numbers will see a temporary decline.

“The fact remains that there is great demand for homes right now. A boost in inventory will likely meet with a spike in sales figures shortly thereafter”, said Rip Philips, President of Kentucky REALTORS. “The really great news is that the economy seems not only stable, but strong. It’s a great time for investment in the housing sector since businesses are expanding and hiring causing unemployment to plummet.”

According to the National Association of Realtors, nationwide, existing-home sales also surged 11.8 percent. It says that is the largest month-over month gain since December 2015.

In January, the median home price again rose by 7%. The median home price did the same in February says Kentucky REALTORS. The number hit an all time high for February at $127,700. The 2018 figure last year was just over $119,500.