Kentucky REALTOR® Confidence Holds Steady In December

Softening homebuyer demand to rein in price growth as inventory woes continue
 
LEXINGTON, Ky. - Jan. 15, 2022 - PRLog -- A majority of Kentucky REALTORS® expect an increase in sales volume in the next year even as house price growth expectations ease, according to the December 2021 edition of the HousingIQ Survey of Kentucky REALTORS®.

Key Points

* 55% percent expect an increase in sales volume, a two-point increase from a year ago
* 27% anticipate an increase in foot traffic, a 14-point drop from a year ago
* 54% expect houses to stay on the market for longer, a 27-point increase from a year ago
* 42% expect greater price-cutting by home sellers, a 20-point increase from a year ago

"The double-digit home price appreciation of the last 18 months is discouraging buyers. On top of that, rising, albeit historically low, mortgage rates sharpen affordability challenges," said Vidur Dhanda, author of the survey. "Additionally, concerns about inflation and its potential impact on the overall economy is making buyers more cautious."

In the latest issue of the Home Purchase Sentiment Index, which tabulates national consumer sentiment, Fannie Mae reported a survey record-low 26% of respondents said that it was a good time to buy a house compared to 52% a year ago.

Dhanda continued: "Wage growth and continued economic recovery will sustain housing demand. While low inventory and weak new construction will prevent price declines."

The complete report is available here: housingiq.com/housingiq-survey-of-kentucky-realtors-december-2021/

Contact
Vidur Dhanda
***@wainstreet.com
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Tags:Kentucky
Industry:Real Estate
Location:Lexington - Kentucky - United States
Subject:Surveys
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