UPDATE 1-Spain developers Q1 revs scarred by credit freeze

* Realia revenues fall 49 pct to 74.8 mln euros

* Data shows average home 32 pct cheaper than yr ago

* Reyal Urbis revenues down 22 pct to 147 mln

* Martinsa Fadesa swings net loss of 27 mln euros

* Metrovacesa revenues drop 39.1 percent to 121.9 mln (Adding earnings data for Martinsa Fadesa, Metrovacesa)

MADRID, May 13 (Reuters) - Spanish property developers reported sharp falls in first quarter earnings on Wednesday as home sales dried up in one of Europe's worst hit property markets.

Groups to report included Realia (RLIA.MC: Quote, Profile, Research), Reyal Urbis (REYU.MC: Quote, Profile, Research), Martinsa Fadesa (MFAD.MC: Quote, Profile, Research) and Metrovacesa (MVC.MC: Quote, Profile, Research)

House sales in Spain have fallen 34 percent in the year to March, and prices have declined faster than indicated by official statistics, showing a 6.8 percent fall in the first quarter.

Reyal Urbis said first quarter revenues fell 22 percent to 147 million euros ($200.6 million) though it swung into a profit of 22.5 million thanks to 74.5 million euros of tax breaks after making a loss last year.