Regional home sales up 15.5 percent

Residential home sales in 16 Central Kentucky counties rose 15.5 percent in January compared with a year earlier, the Lexington-Bluegrass Association of Realtors said Wednesday.

Home sales have improved dramatically year over year beginning in the latter months of last year as buyers began to take advantage of the federal tax credit for new home buyers.

The program has been expanded to include a credit for purchases by existing homeowners.

The group said there were 357 residential sales closed in January, up from 309 in January 2009.

The median residential sales price in January was $132,725, down 1.7 percent from $135,000 a year ago.

The average days on the market for a residential home rose to 150 in January from 110 in January 2009.