The Zillow Home Value Index fell 3.8 percent year-over-year in March to land at $183,700, marking what could be the bottoming of the housing market, according to real estate tracking firm Zillow.
Prices fell by about 1 percent in the first quarter compared to the previous quarter.
In the Boston metropolitan area, however, the median home price sat at $315,100 in March. That was a 0.7 percent increase from the prior year, but a 0.4 percent decline from February.
Nationwide, 23.3 percent of single-family homes with mortgages were underwater in the first quarter, which was up from 21.4 percent in the previous quarter.
Foreclosure re-sales made up about 22 percent of all home sales across the country in March.
