LEXINGTON, Ky. (WTVQ/AP) – U.S. home prices accelerated in March even though sales plummeted, as those Americans still buying bid for a sharply diminished supply of homes.
The S&P CoreLogic Case-Shiller 20-city home price index rose 3.9% in March, the largest gain in more than a year, up from 3.5% in February.
Home sales fell 8.5% in March before plummeting 17.8% in April, according to the National Association of Realtors, as the viral outbreak and business shutdowns caused a flood of layoffs and restricted economic activity.
According to the Lexington-Bluegrass Association of Realtors, they saw 968 transactions in 2020 compared to 1,180 in 2019. Single-family home sales dropped 19%, with 906 sales compared to 1,114 last year. Townhouses and condos saw a decline of 6% in April, bringing monthly sales to 62 versus 66 in 2019.
New construction sales continued to strengthen in April with 119 sales, a 33% increase over last year’s 89 sales and pushing new construction to over 12% of the market for the month.
Year-to-date, due to a strong first quarter of the year, total real estate transactions remain up 2% compared to 2019, according to LBAR. Transactions totaled 3,907 compared to 3,835, an increase of 72 homes sold. Fayette County has seen a drop of 6% in sales for the year while the next five largest counties – Madison, Scott, Jessamine, Franklin and Laurel – in total transactions have all experienced double digit increases year-to-date.
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