Median US Home Price Down 14%

Foreclosures and short sales weighed down median homes prices in most markets during the first quarter, while existing-home sales remained sluggish in many parts of the country, according to data from the National Association of Realtors.

Home prices have dropped steadily during the 19-month credit crunch, though some industry watchers have noted a deceleration in the rate of decline in some markets.

First-time buyers, seeing improved affordability conditions, accounted for half of all purchases during the period, as 134 of 152 metropolitan areas reported lower median existing single-family home prices year over year.