#2. Data is correct and applied incorrectly
#3. An environmental change (sh)
#4. A demographic change (NOO)
$6. Real estate becoming ineligible for financing. (15%+)
In most cases in 2014, #1 covers the subject.
Where are you getting your data?
If you are referring to the first quarter (January-March) it's commonly known that buyers are not as likely to actively search for homes during this period. Thus, the market drop could be a result of the lack of motivated buyer activity.
Are we talking asking price, sale price, then average or median. Lets say we have four homes one a dump requiring demo. The three good homes sell for 100,000 99,000, and 101,000 an average and mean of $100,000. The Repo that took three years to clear the title and pay off taxes nowsells for 60,000. The average sale price of the homes are now $90,000. But the mean remains at $99,000.
So what caused the 10% price drop or did it?