Real estate experts have said a rebound in sales should not be expected for several months given the glut of homes in foreclosure and tighter credit standards for prospective buyers.

Lawrence Yun, chief economicst for the National Association of Realtors, predicted sales would begin to show improvements in the second half of this year, helped by an improved availability of mortgage-backed insurance from the Federal Housing Administration and higher limits for jumbo mortgages.

Compared to a year ago, the median price of a home dropped 7.7 percent in what was the second-biggest year-over-year decline.

While the median sales price of $200,700 was up slightly, the March sales decline marked the seventh consecutive year-over-year drop in prices.