Housing continues to slump after home sales fell in the month of March to their lowest levels in over 16 years. Compared to a year ago, the median price of new homes has plummeted, tallying record lows in four decades.

According to the Department of Commerce, the 8.5 percent decline in new home sales is the slowest home sales pace since 1991.

In addition, the 13.3 percent median price drop for new homes sold between March 2007 and March 2008 is also the largest year-over-year price drop since 1970.

Sales of existing homes, unfortunately, are also on a decline with a 2 percent sales drop during the month of March.

All regions in the country have been experiencing the slump that has lasted for two years now. Even areas where housing projects used to be booming are not exempt. The largest sales drop occurred in the Northeast with a 19.4 percent decline, followed by 12.9 percent decline in the Midwest, and 4.9 percent decline in the South.

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