Area home sales rise 29 percent in November

Residential home sales in Central Kentucky counties rose 28.8 percent in November, the Lexington-Bluegrass Association of Realtors said Friday.

The group, which represents Realtors in 11 area counties, said there were 514 residential sales that closed in the month, up from 399 in November 2010. Including sales of townhomes and condos, sales rose 26 percent, to 552 from 438 last year.

"Housing in Central Kentucky is stable and steadily improving," LBAR president Barb Curtis said in a statement. "November housing activity displayed several positive indicators."

Pending sales increased 33 percent, to 568, during the month, and inventory fell 7.6 percent year over year, to 5,914 homes.

The average days on the market for a home also fell by 33 percent, to 92 days.

The median residential sales price, though, fell from $140,000 last year to $132,000 in November, a drop of 5.7 percent.