Kentucky Housing Market Continues To Cool Down

FRANKFORT, Ky. - Rezul -- Seventy percent of Kentucky REALTORS® said that their buyers were waiting for prices to stabilize, according to the August 2021 edition of the HousingIQ Survey of Kentucky REALTORS®. Fifty percent of the 309 REALTORS® from across Kentucky expect greater price-cutting by sellers over the next twelve months, while thirty-two percent expect more houses to sell below the asking price.

The headline HousingIQ/Kentucky REALTORS® Confidence Index continued its six-month slide to read 36.9. A value of 100 corresponds to all respondents agreeing that market conditions will improve, while 50 corresponds to respondents anticipating no change in market conditions. The Price Expectation sub-index dropped an additional 2.5 points. In contrast, the Buyer Power sub-index continued to edge up to read 68.5. Homeowner Stress was mostly unchanged.

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"Homebuyers simply cannot afford to push up prices anymore," explained Vidur Dhanda, author of the survey. "As price growth slows, potential sellers will want to cash in, which will supply much-needed inventory and further moderate prices. We are starting to see balance return to the market." Only thirty-three percent of the survey respondents expect prices to increase over the next twelve months.

In the latest issue of the Home Purchase Sentiment Index, which reflects national consumer sentiment, Fannie Mae reported an increase in the number of respondents who said it's a good time to buy a home to 32%. The number of respondents who expect home prices to go up declined to 40%.

The full report is here: https://housingiq.com/housingiq-survey-of-kentucky-realtors-august-2021/