Home prices have hit their lowest point in more than 10 years. Good news for home buyers.

The U.S. median home price in January fell 2% from December to $154,700." writes Chris Isadore of CNN Money. "That's the lowest price reading since November 2001, before the run-up in home prices that became known as the housing bubble."

Existing home sales rose in January, increasing 4.3 percent, according to the National Association of REALTORS®.   In the western U.S., existing-home sales rose 8.8 percent in January.  "The median price in the West was $187,100, down 1.8 percent from a year ago." reported NAR.

Prices are expected to continue to fall during the first half of 2012, due to the number of distressed properties flooding the market.  Homes are selling at a pace not seen since homeowners were rushing to qualify for the $8,000 home buyers tax credit.

Lawrence Yun, chief economist for NAR , said that buyers are responding to favorable market conditions.  "The uptrend in home sales is in line with all of the underlying fundamentals - pent-up household formation, record-low mortgage interest rates, bargain home prices, sustained job creation and rising rents."

Contact a real estate agent to help you find the perfect home for you.

Read the full story at CNN Money.

Posted in Buyer Resources, Real Estate Trends

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