VAR’s first quarter home sales report is out today. Existing home sales were down 4.7% from the same period in 2008. The median price of a Virginia home was down 14.1% from the same period in 2008, but the median price was up 7.8% from Q4 2008. This could mean that the median price has bottomed out, if only on a statewide basis. A media conference call (download a recording) was held this morning and it’s already generating some press. Here’s what we’re seeing so far:

View previous home sales reports at www.VARealtor.com/HomeSales and don’t forget about our Market Facts postcards that make home sales statistics digestible for consumers. Our 2008 year-end card is downloadable at www.VARealtor.com/Tools.