July sees home sales drop, experts say market is cooling off
LEXINGTON, Ky. (WKYT) – The real estate market is showing signs it’s cooling off.
Realtors said the hot housing market is changing, but still strong. Rick Pannell, a real estate broker with Team Pannell Real Estate, said months of record-breaking home sales and low inventory may be changing.
According to the Lexington-Bluegrass Association of Realtors, July was the first time home sales have dropped since the pandemic began.
“It has had an eight percent decrease from the previous year, but it’s still the second highest July on record,” Pannell said.
Pannell said this time of year is usually slower.
“Normally the month of August is because people have taken their vacations, they’re preparing to go back to school, maybe college or high school,” he said.
He said he and his wife, Whitney, also a realtor, are seeing trends in Central Kentucky change slightly. They said sales are…