Median Home Prices Still Dropping

I usually cite directly to the press release. However, the NAR's releases are so full of spin that 90% is pointless. Here is the salient point:

134 out of 152 metropolitan statistical areas1 reported lower median existing single-family home prices in comparison with the first quarter of 2008, while 18 metros had price gains.

Everything else in their press release is so intermixed with spin that it's pointless.

Here are the relevant regional charts. Click on all images for a larger image:






Remember -- housing won't be at a bottom until we see stabilization in the year over year rate of decline in home prices.