Residential home sales in Central Kentucky counties fell almost 30 percent year over year in May, the Lexington-Bluegrass Association of Realtors said this week.
The group, which represents Realtors in 12 area counties, said there were 606 residential sales closed in the month, down 27.8 percent from 839 in May 2010. Last year's numbers were affected by people taking advantage of the federal homebuyer tax credit that expired in April 2010 but allowed buyers the following months to close the sale.
The May 2011 sales numbers are roughly the same as May 2009 when there were 615 residential sales closed.
"The tax credit surge is now outside of our statistical comparisons, and we will begin to see an apples-to-apples comparison in the coming months of the Bluegrass housing market," said LBAR President Barbara Curtis in a statement.
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The median residential sales price in May was $139,000, down 4.8 percent from $146,000 last year.
The average days on market for a home was 91, up 15.2 percent from 79 a year ago.
LBAR also reported the inventory of available homes was up 2 percent to 6,776 from 6,642 in May 2010.