Bluegrass real estate market continues to outpace national trends

October 21st 2008

 3 comments
Full third quarter real estate market activity reports on the Bluegrass will be released tentatively beginning on Friday, October 24th and posted on www.lbar.com/news. LBAR President Judy Craft says that “the combination of our locally stable economy, low mortgage interest rates, stable home prices and recent federal action is resulting in, once again, Central Kentucky outpacing the national market in several key areas.”

Existing home sales median sales prices over the last three months were up an average of 2.5% for the Bluegrass, while the National Association of REALTORS® reported a drop of 8% and 9.5% for July and August respectively (national figures have not been released for October as of this writing). Existing home sales rose 1.34% in September, while NAR reports drops of 11 to 15% for July and August. Additionally, the Housing Affordability Index (HAI) for September for the Bluegrass region was 164, while the national figures for July and August have been around 120. An HAI of 164 means the median family income is 164% of the necessary income to qualify for the median priced home using 20% down, 30-year fixed rate mortgage.

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