A total of 1,461 local houses were sold in the first quarter of 2008, a 19.5 percent drop from 2007’s first quarter total of 1,816 sales, according to the Chattanooga Association of Realtors.

The median price for the first quarter of 2008 was $135,000, down from $136,900 a year ago.

“The fundamentals of a normal market are here right now — inventory is at a high level, sound financing is available with attractive interest rates and buyers are discovering they can get more house for their money in our market,” said Pam Duffy, president of the real estate group.