With the federal home buyer tax credit over, residential home sales in 14 Central Kentucky counties continued their steep year-over-year drop in November, according to data released Friday by the Lexington-Bluegrass Association of Realtors.
The group said there were closings on 399 residential home sales in November, down 37.3 percent from 636 in November 2009. That follows a 40 percent year-over-year drop in October, 34 percent year-over-year drop in September and 24 percent year-over-year drop in August.
The median residential sales price in November, though, was up 1.4 percent year over year to $140,000.
LBAR also reported the inventory of available homes was 6,401 homes in November compared to 5,970 a year ago. The average days on market for a home was up 9.5 percent to 138 days from 126 a year earlier.