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Lindley Estes is a business writer for The Free Lance-Star and This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.

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Home sales up, prices down in Fredericksburg area

First-quarter housing sales in the Fredericksburg area increased 25.8 percent compared with the first three months of 2008, but the median sales price fell 24.6 percent.

Those data were included in a conference call put on today by the Virginia Association of Realtors. Realtors on the call said that first-time buyers, incentivized by an $8,000 tax credit, are driving sales throughout the state. That’s leading to an improvement in total sales and lower prices.

There were 848 homes sold in the first quarter in the Fredericksburg area—the city and Caroline, King George, Stafford and Spotsylvania counties—compared with 674 in the first quarter of 2008. Pending sales rose 35 percent.

The median sales price for a home in the Fredericksburg area was $200,311 in the first quarter compared with $265,615 in the first quarter of 2008.

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