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The segment of the market showinvg the most activity wasthe first-tim e homebuyer armed with low interesgt rates, newly affordable housing prices, an $8,000 tax credit and a boosf in Federal Housing Authority lending. The signxs are glimmers of hope that the bottomj hasbeen hit, though some observers believr a little more pain will be inflicted beforre a full recovery takes hold. Firsr quarter data, which include part of the sprinv selling season that agents rely on to move portray a bleak housing market for the area as the numbee of homessold dwindled, pricezs were sliced and the number of days a home sat unsolsd increased, according to the latesrt Prudential Fox & Roachh HomExpert Report.
The number of houses that sold fellby 26.2 percenty compared with the comparable period a year ago with 9,163 houses trading compared with 12,408. Media n home sale prices slid by 7.4 percent to $199,000, comparefd with $215,000 in the first quarter of last according to theHomExperft report. Compared with 2007, it fell by 8.7 percent.
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