Housing inventory reached its highest January level since the start of the pandemic in 2020. With 2,769 homes on the market compared to 2,727 last year, the 2% increase broke a nine consecutive month stretch of year-over-year declines.
With the continued slowdown in sales and inventory numbers up, months of inventory (MOI) remained above 3 for the third consecutive month. The 3.9 months tallied in January was the highest it’s been since December 2019, or 49 months. This represented a 5% increase from a year ago when it was 3.7 months and up 18% from the previous month of 3.3 months.
Randy Newsome, president of Bluegrass Realtors®, commented, “Demand should pick up as we move into the spring market…