Existing home sales were down, but home prices were up in the Lynchburg area during the first quarter of 2008, according to the Virginia Association of Realtors.
The association released statistics for the first quarter this morning.
The Lynchburg area saw a 25 percent decline in the number of homes sold from January through March, compared to the same period of 2007.
Though fewer homes sold, the median price of homes sold in the Lynchburg area was $147,511, a 13 percent increase.
The average price was up to $184,158, a 15 percent increase from last year’s first quarter statistics.
According to the association’s data, the state saw a 26 percent drop in home sales during the first quarter. The statewide aver-age price dropped 5 percent and the median price did not change.
For more information on how the local and statewide housing market is performing this year, check back at newsadvance.com and read Thursday’s edition of The News & Advance.
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