New Home Sales Rise In SCKY, Experts Warn Market Still Fragile

By: Brett Baldeck Email
By: Brett Baldeck Email

WARREN COUNTY, Ky. (WBKO) - For Sale signs have been quickly disappearing across the country. New home sales jumped 7.9% in the month of August. That same growth is being seen across South Central Kentucky. Experts say buyers are coming out of the woodwork because of confidence in the economy.

"We are coming out of one of our worst downturns in the history of the building industry. So people were kinda very cautious," says Anita Napier from the Builders Association of South Central Kentucky.

A positive outlook has brought more buyers to open houses. The Builders Association of South Central Kentucky says their Parade of Homes this past weekend had plenty of interest.

"You had young couples who were like 'these homes are wonderful'. Perhaps we can sit down and work out a budget and figure out if now is the time to buy. But it's just a difference in crowd and anticipation," says Napier.

If you drive down any street in Warren County, you're bound to find new home construction. As soon as a house is sold, builders are getting to work.

"We have issued over 500 permits this year, of course not all of them are new residents but a good percentage of it is," says Director of Public Works Mac Yowell.

Although the future looks bright for new home construction, experts caution it's still a fragile market.

"$1,000 alone puts a lot of people out of the pool to own a home, so it's very important that we watch anything that will impact the housing industry," says Napier.

Financial experts say although there was an increase in new home sales in August, it is beginning to slow. They blame the end of summer and an increase in interest rates are turning buyers away.

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