April housing statistics, up, down, what's going on?
New home sales, sales up, prices down.
Existing home sales, sales down, inventory up, prices ?
So what is really going on with housing. 
New home sale rose sharply last month but the data is questionable because it is self reported by the builders and subject to revision and cancellations are not factored in. Many people would like to buy new construction but cannot sell their current home and have to cancel the contract. The builders are doing everything they can to move their inventory, they appear to have gotten hold of it somewhat but they are still putting product into the ground at an apparently faster pace than the market is absorbing it and incentives being offered are bringing the prices down.
As to preowned, unit sales are off and inventory is up. When a house is put on the market, it is competing with many more houses than previously and the buyers have their pick. If a house isn't priced right and isn't in good condition, buyers are passing and going on to the next. As to prices, while prices in the Charleston real estate market have not fallen in single family homes, they have dropped in condominiums and townhomes because inventory there borders on the ridiculous with condo conversions and new construction causing a major glut of available inventory. In general at this time, I am not recommending clients consider purchasing an ordinary condo with nothing special to set it apart from the many others available.
In single family, while prices remain steady to slightly higher, those needing to sell and faced with a "low ball" offer have a decision to make that is often difficult to accept. Because the statistics don't show prices declining, it makes it difficult to accept or even counter an offer if the buyer is offering well below market simply because they can. This is especially true if the buyer is primarily interested in buying value rather than the right or perfect house.
From Business Week Online, please read April's Blue Light Housing Sale. Quoted in the article is Barry Ritholtz, author of The Big Picture, an outstanding financial blog with personality. Even though Barry is a bit of a bear, he does have great taste in Jazz.