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LBAR announces $1.1B in home sales in first half of 2016

Lexington, Ky. (July 11, 2016) – Real estate sales by members of the Lexington-Bluegrass
Association of REALTORS® (LBAR) positively impacted the Bluegrass economy as of June 30, 2016
with 6,402 reported sales totaling $1,188,104,373 in the first half of the year.

According to 2016 LBAR President Carl Tackett, “The housing market appears to continue to be in
good shape despite continued evidence of lower than normal inventory level. In 2016 month-over-month of
inventory levels has decreased with June reaching the lowest months of inventory at 3.1 months.”

The first half of 2016 residential single family sales increased 12 percent from 5,357 sales to date in
2015 to 6,002 sales to date in 2016. The year-to-date 2016 townhouses/condos sales increased 10 percent
from 363 sales to date in 2015 to 400 sales to date in 2016. The residential median sales price increased six
percent from $145,000 to date in 2015 to $154,000 to date in 2016. The residential average days on market
decreased 18 percent from 84 days to date in 2015 to 69 days to date in 2016. The total activity increased
12 percent to 6,402 total sales in the first half of 2016.

President Tackett continues, “The June statistics report shows that an increase in month-over-month
growth in housing sales is not a one-time occurrence. The first half of 2016 had an increase in sales.
January, February, April and May have had double-digital increases. New and existing home sales are up
in June 2016. The results indicate that the housing market continues to show very strong growth.”

June sales activity increased five percent with 1,346 sales reported closed in June 2015 compared to
1,419 sales reported closed in June 2016. Of the 1,346 sales, 315 sales were to first time homebuyers and
167 sales were to out of state buyers. Residential sales increased four percent from 1,272 sales closed in
June 2015 compared to 1,319 sales closed in June 2016. The residential median sales price increased six
percent from $155,495 in June 2015 to $164,900 in June 2016. The residential average days on market
decreased 25 percent from 71 in June 2015 to 53 days in June 2016.

Townhouses/condos sales increased 35 percent from 74 sales reported closed in June 2015 to 100
sales reported closed in June 2016. The townhouses/condos median sales decreased eight percent from
$152,750 in June 2015 to $140,000 in June 2016. The average days on market decreased 51 percent from
133 in June 2015 to 65 days in June 2016.

Sellers are receiving 97 percent of their list price. Pending inventory increased slightly with 1,381
pending sales reported in June 2015 compared to 1,404 pending sales reported in June 2016. Continuing the
trend in 2016, the active inventory count decreased from 5,666 in June 2015 compared to 4,454 active
houses on the market in June 2016.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of
REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than
2,700 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin,
Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott,
Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling
resources and real estate listings.

For additional information please contact Elaine Hangis, LBAR Chief
Executive Officer (859-276-3503 or via e-mail, [email protected]).

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