Existing home sales in the US show sharp decline

From NAR:

The median price of a home for one family dropped to $219,800 last month down by 2.5 percent on the prices recorded a year ago. This was the biggest drop in prices over a single year since the records were tabulated nearly 40 years ago.

I guess this is a good time to be a buyer though?

But the Realtors believe that the worst is effectively behind them. "The worst is behind us as far as a market correction this is likely the trough for sales," said David Lereah, the Realtors' chief economist. "When consumers recognize that home sales are stabilizing, we'll see the buyers who've been on the sidelines get back into the market."

I'm not sure how Lereah is concluding the worst is behind us... Though I can safely say that it is now better to buy a national median house then it was one year ago.