Existing home sales nationwide experienced a slight decrease of 0.8 percent to 5.14 million in the first quarter compared to the 5.18 million reported during the same time last year, according to a recent report from the National Association of Realtors (NAR).

The median existing single-family home price nationwide also fell in the first quarter year-over-year. It decreased 4.6 percent to $158,700 from $166,400 in the first quarter 2010.

Even though sales of existing homes are slightly below a year ago, the volume of homes sold for $100,000 or less in the first quarter was 8.9 percent higher than the first quarter 2010. This created a downward skew on the overall median price, according to a statement.

The share of all-cash home purchases rose to 33 percent in the first quarter year-over-year.

Investors accounted for 21 percent of first quarter transactions, an 18 percent increase from a year ago, and first-time buyers purchased 32 percent of homes, down from 42 percent in the first quarter 2010 when a tax credit was in place. Repeat buyers made up 47 percent of market share, up from 40 percent a year earlier.

"The good news is foreclosures, which account for two-thirds of all distressed homes sold, are selling very quickly," said NAR President Ron Phipps. "Short sales still take far too long to get lender approval, but it appears the inventory of distressed property is peaking and will be gradually declining next year. This means the market should slowly return to balance. We are encouraged that recent homebuyers are having exceptionally low default rates."