Low Inventory Brings NKY Home Sales Down but Prices Go Up
The number of homes sold in Northern Kentucky dropped in July compared to a year ago, but the average price shot up.
The Northern Kentucky Association of Realtors cited low inventory for the decrease in sales and uptick in average price.
In July of this year, 718 residences were sold in the region, down more than 13% from 826 sales in July 2020.
However, the average sale price increased by 14% year over year from 233,041 in July 2020 to $266,317 just last month.
Sales volume for the Northern Kentucky service area topped the one billion dollar mark at the earliest date ever in July, the Northern Kentucky Association of Realtors said.
Overall, the average sale price this year is up 16% compared to the same period last year: $256,982 in 2021 vs. $221,691 in 2020.