Real-estate sales figures improving
Residential real estate sales by members of the Lexington-Bluegrass Association of Realtors (LBAR) positively impacted the Bluegrass economy in November 2012 with 673 reported sales totaling $112,204,436. Sales continue to be a driving force in the economy when considering the multiplier effect on the area of buyers and sellers who purchase appliances, carpet, flooring, landscaping, etc. in response to their transaction needs.
Residential single-family sales increased 21 percent with 620 sales in November 2012 vs. 514 in November 2011. Existing homes sales increased 23 percent also, rising from 487 to 601 during the same time period. New construction sales increased 11 percent from 65 to 72 sales reported. The median sales price increased 8 percent for the month from $132,000 to $143,000.
Buyer activity also increased slightly in November. There were 582 pending sales reported, a 2-percent increase over the 568 reported in November 2011. The current inventory of available homes on the market is 5,358 which is 9 percent less than the 5,914 in November 2011.
Jobless rate drops to 8.2 percent
Kentucky’s seasonally adjusted preliminary unemployment rate dropped to 8.2 percent in November 2012 from a revised 8.4 percent in October 2012, according to the Office of Employment and Training (OET), an agency of the Kentucky Education and Workforce Development Cabinet.
The preliminary November 2012 jobless rate was .9 percentage points below the 9.1 percent rate recorded for the state in November 2011.
The U.S. seasonally adjusted jobless rate fell to 7.7 percent in November 2012 from 7.9 percent in October 2012, according to the U.S. Department of Labor.
Labor force statistics, including the unemployment rate, are based on estimates and are compiled to measure trends rather than actually to count people working.
In November 2012, Kentucky’s civilian labor force was 2,085,424, an increase of 1,423 individuals compared to the previous month, and employment also grew with the addition of 5,814 jobs.
“For the first 11 months of 2012 the unemployment rate in Kentucky has averaged 8.4 percent or 1.2 percentage points below the same period last year,” said economist Manoj Shanker of the OET. “We are now adding jobs at the same pace as the pre-recession period.”
In a separate federal survey of business establishments that excludes jobs in agriculture and people who are self-employed, Kentucky’s seasonally adjusted nonfarm employment rose by 3,800 jobs in November 2012 from the previous month. On an over-the-year basis, the state’s nonfarm employment has grown by 2.1 percent with the addition of 37,600 jobs.