LEXINGTON, Ky. — The aggregate volume in pending home sales contracts for the state of Kentucky reached a record high last month, with $2.2 billion in transactions under contract in April 2021. The figure represents a 47% increase over the $1.5 billion in pending sales volume for both April 2020 and 2019. Home sales numbers continue to be up year-over-year, but the meteoric rise in volume is largely due to the higher prices that the current housing market is commanding.
As expected, closed sales are up once again. In April, 4,738 homes sold, a 25% increase from 3,793 in April of 2020. The pending sales count was also up 25%, reaching 8,413 for the month.
Nationally, existing-home sales waned in April, marking three straight months of declines, according to the National Association of Realtors®. All but one of the four major U.S. regions witnessed month-over-month drops in home sales, but each registered double-digit year-over-year gains for April. The Southern region accounted for 44% of all existing home sales across the nation.
The median sale price of homes in Kentucky for April was up about 10% to $205,000. Year-to-date, Kentucky’s median sale price is up almost 12% at $198,000.