Association president Patty Kelley says bank-owned propertiesand short-sales continue to have a noticeable impact on the localmarket, contributing to the decline in home prices. These types ofproperties accounted for 52.3 of homes sold in March, she says.

"We are starting to see the light at the end of the tunnel,"says Association president Patty Kelley. "While local home pricesare still declining, we don't anticipate that prices can get muchlower because homes are now selling for less than what it wouldcost to build that same home today. Some analysts are predictingthe bottom of the market to hit as early as later this year."

The total number of condos and townhomes sold in March was 198,up 19.3% from 166 sales in February but down 41.9% from last March,according to the report. The total number of condos and townhomesfor sale in March was 5,373, unchanged from February and down 10.4%from this time last year. At the current rate, it would take twoyears to sell all the townhomes and condos currently on themarket.