With the federal home buyer tax credit over, residential home sales in 14 Central Kentucky counties took a steep drop in September, according to data released Thursday by the Lexington-Bluegrass Association of Realtors.
The group said there were closings on 430 residential home sales in September, down 34 percent from 651 in September 2009. The median residential sales price in September, though, was up 3.5 percent year-over-year to $144,950.
"It's important to remember that this is an apples-to-oranges comparison, as the market was still in the grips of the tax credit craze last September," said LBAR President Anthony de Movellan in a statement. "We will not see a true apples-to-apples comparison until the summer of 2011."
LBAR also reported the inventory of available homes was up 10.6 percent in September from a year earlier to 6,897 homes. The average days on market for a home was up 9 percent to 85 days from 78 a year earlier.