Homes Sales Up Dramatically in Bluegrass Region
Some good news, at least for the short run. Lexington-Bluegrass Association of Realtors (“LBAR“) reporting that home sales are up dramatically in November 2009 from one year ago.
“Sales increased a staggering 48% in November 09 vs. November 08. Sales reported closed in November 2009 were 682 compared to 461 in November 2008. This jump in sales reflects the high number of buyers who took advantage of the $8,000 first time homebuyers tax credit.
Median sales prices remained stable for single family residential listings in Nov. 09 vs. Nov. 08. Months of inventory has decreased from 13.7 months in Nov. 08 to 8.8 months in Nov. 09. A balanced market contains 5-6 months of inventory. This decrease is a sign that the local market is headed in the right direction.”
I guess it is a good thing that the Feds extended the first time buyers tax credit.
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