March national existing home sales numbers came out today and they were poor.

After rising for three consecutive months, total existing-home sales – including single-family, townhomes,condominiums and co-ops – fell 8.4 percent to a seasonally adjusted annual rate1 of 6.12 million units in March from a pace of 6.68 million in February, and are 11.3 percent below the 6.90 million-unit level in March 2006. 

While weather certainly played a role, the magnitude of this drop surprised everyone.

The national median existing-home price for all housing types was $217,000 in March, which is 0.3 percent below March 2006 when the median was $217,600. 

So we were flat year over year. Don't overestimate the importance of the national median. What is really happening is some markets are getting drilled and some are doing fine.

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