Home sales, prices rebound in 3rd quarter

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Members of the Madison County Board of Realtors sold 296 homes in the third quarter of 2009, up 16 percent from the third quarter and 13.4 percent from a year before.

October 20, 2009

Bill Robinson The Richmond Register Tue Oct 20, 2009, 08:14 AM EDT

After two-and-a-half years of decline, the number of homes sold by members of the Madison County Board of Realtors rose in the third quarter of 2009.

Agents affiliated with the board sold 296 homes from July 1 to Sept. 30, up 13.4 percent from the same quarter in 2008, when 261 sold.

Compared to the second quarter of this year, when 255 homes were sold, the increase was 16 percent.

The 939 homes on the market in the most recent quarter numbered 70 fewer than the year before, a decline of nearly 7 percent.

Prices also showed signs of rebounding in the third quarter, even if not matching the past year’s level. The average price of homes sold — $146,494 — was up more than 10.7 percent from the previous quarter, when the average was $132,297. However, the past quarter’s average price was still down 6.2 percent from a year before, when the average was $156,255.

While median priced homes continued to be the best sellers locally in the third quarter, both the lower and upper price ranges saw improvements from July 1 and Sept. 30, according to Wayne Beazley, MCBR executive officer.

The average time a home was on the market in the third quarter — 152 days — was identical to 2009. That was 11 days fewer than in the second quarter of 2009, a 6.75 percent improvement.

The better sales numbers were spurred in part by the $8,000 federal tax credit for buyers who have not owned a home in three years, said Erin Ackerman, president-elect of MCBR.

To qualify, a single individual’s annual income must be $75,000 or less. For a couple, the limit is $150,000.

“The tax credit is set to expire Nov. 30,” Ackerman said, “so anyone who wants to take advantage of it must have closed on their purchase by then.”

There has been some confusion about the program, often referred to as the “first-time home-buyer’s tax credit,” she said.

“To qualify, the home buyer must have not owned a home in the past three years,” Ackerman said. “We’re hoping the program will be extended or renewed, but right now it’s set to expire Nov. 30.”

Even for buyers who do not qualify for the tax credit, the local market contains many good homes at attractive prices, she said.

“Prices dipped some in Madison County,” Ackerman said, “but they did not drop as they did in many places across the country, or even in Kentucky. However, we still have a large inventory of high quality homes on the market at good prices.”

Interest rates also remain favorable, she said.

While lending standards tightened in the wake of troubles in the national financial markets, Ackerman said, “Local lenders are still writing mortgage loans at historically low rates for home buyers with good credit scores.”

Bill Robinson can be reached at brobinson@richmondregister.com or at 624-6622.

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