LEXINGTON, Ky. (WTVQ) – The low inventory in Kentucky’s housing market, along with slowly rising mortgage interest rates, is finally influencing the sales boom we have experienced since May of 2020. February closings topped out at 3,484, up just below 2% from February of 2020 coming in at 3,424.
Nationally, pending home sales dipped for a second straight month in February, according to the National Association of Realtors®.
Each of the four major U.S. regions witnessed month-over-month declines in February, while results were mixed in the four regions year-over-year.
The Pending Home Sales Index dropped 10.6% to 110.3 in February.
Year-over-year, contract signings fell 0.5%. An index of 100 is equal to the level of contract activity in 2001.
The median sale price of homes in Kentucky for February was up once again. The figure of $195,000 was a 15.4% increase over the $169,000 we saw in February of 2020. The statewide average home price in Kentucky has now been above $200k for twelve consecutive months.
It rose almost 16% over last February topping out at $228,961. Sales volume numbers are still posting large gains as February saw that figure surge again to just under $800 million, up 18% from $667 million last February.
Just 13 homes sold as distressed in February. Consumers facing the prospect of foreclosure may now have would have more time before facing foreclosure under rules proposed this week by the Consumer Financial Protection Bureau.
The set of proposed rules, which the regulator will seek public comment on, is intended to give both servicers and borrowers the “tools and time” needed to prevent a deluge of foreclosures.