Kentucky real estate market ends year strong

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The Kentucky Association of Realtors reported last week that for 30 consecutive months, Kentucky has seen total home sales increase each month compared to the same month the previous year, with 21 of those months showing double-digit gains. 

For the year, the number of homes sold was up more than 15 percent reaching a total of 44,532 compared to 38,666 in 2012.

Home prices in the state remained stable over the past year with only slight fluctuations from month to month. For all of 2013, the median home price in Kentucky was $109,100, which is just under a percent increase from 2012 when the median was $108,750. 

“Kentucky has posted strong housing numbers for a considerable stretch now,” 2014 Kentucky Association of Realtors President Ron Hughes said.

“This follows the national trend where housing has undergone a slow, sustainable recovery for the past two years. Record low mortgage rates, up until recently, served as a catalyst for home sales, giving buyers more house for their money.”

On the national stage, total home sales for 2013 were the highest since 2006 and home prices increased 11.5 percent year over year to $197,100, which was the highest gain tracing back to 2005. 

Days on market was down 6 percent in Kentucky, meaning that homes sold faster in 2013 than in 2012.

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