Louisville-area home prices fell 1.3% in 1st quarter

Louisville-area home prices slipped more than 1 percent in the first three months of 2008, compared with a year ago, according to the National Association of Realtors.

According to its latest quarterly price survey, the Louisville-area median sales price for the first quarter was $131,600, a decline of 1.3 percent from $133,300 in the first quarter of 2007.

The median sales price in the Lexington area was $138,900, down 5.8 percent from a year ago.

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Nationwide, according to the Washington, D.C.-based industry group, single-family home prices dropped 7.7 percent from first-quarter 2007 to first-quarter 2008 -- the largest year-over-year decline since the group began reporting prices in 1982.

The national median sales price was $196,300 for the first quarter, down 4.8 percent from the last three months of 2007.

Among other findings, 48 of 149 metropolitan areas showed rising home prices, while 100 had price declines and one was unchanged.

Also, total existing-home sales, including single family and condo, were at a seasonally adjusted annual rate of 4.95 million units in the first quarter, down 0.9 percent from the fourth quarter and 22.2 percent below the 6.36 million-unit pace in the first quarter of 2007.