So far in March 306 home sales have closed with a median price of $215,000. That is a drop of $8,000 from February's median of $223,000. The last time we had a median price of $215,000 was April of 2005. That was at the beginning of the big boom, so the big gains may have been completely eroded. Looking forward at pending sales, there are 1,220 that are expected to close between now and the end of the month. The median list price of those pendings is $219,900. Any way you look at it the median price for March is going to go down. The good news is, if half of the expected sales close we will be pushing 1,000 closings in March. My expectation or prediction was that we would see closings in the 1,400 range by summer. With over 2,450 pending sales right now, we may be seeing better numbers in the next couple of months.

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