Area home sales up in February

Residential home sales in 14 Central Kentucky counties rose 19.5 percent in February compared to a year earlier, the Lexington-Bluegrass Association of Realtors said Friday.

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 429 residential sales closed in February, up from 359 in February 2009. The median single-family residential sales price in February was $130,500, down 1.1 percent from $132,000 a year ago. The average days on the market for a residential home rose to 130 in February from 95 in February 2009.