Realtors: Area home sales up 50 percent in November

Home sales in Central Kentucky rose 50 percent in November compared with a year earlier, fueled by first-time home buyers, the Lexington-Bluegrass Association of Realtors said Friday.

Realtors closed 636 residential sales in the 14-county area represented by LBAR compared with 425 a year ago. That's down slightly from 693 in October, which also saw its numbers bolstered because of the surge of buyers looking to take advantage of the federal government's $8,000 first-time home-buyer tax credit. The credit was set to expire Nov. 30 but was recently extended until next spring.

The median sales price of residential homes was $138,000, down just $1,000 from November 2008. It was $141,200 in October.

LBAR's statistics also showed the inventory of homes has fallen to 5,970 residences, down from 6,464 a year ago.