Home sales up in Lexington, region in March

Residential home sales in 14 Central Kentucky counties rose 6.3 percent in March compared to a year earlier, according to data released by the Lexington-Bluegrass Association of Realtors.

Home sales have improved dramatically year over year, beginning late 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 those who already own homes.

The group said there were closings on 524 residential sales in March, up from 493 in March 2009. The median single-family residential sales price in March was $139,100, up 3.8 percent from $134,000 a year ago.

The average number of days on the market for a residential home rose to 120 in March from 111 in March 2009.

In Lexington alone, the number of sales closed rose 13.5 percent from 251 in March 2009 to 285 in March 2010. The median sales price rose 1.4 percent from $146,000 a year ago to $148,000. The average days on market in Fayette County decreased from 88 a year ago to 79 in March.