New data on home sales in the US has revealed a drop of 2.2 percent which is still below expectations. The recent downward figures of home sales indicate that the repercussions of last year’s housing market crisis are far from over, despite federal rescue packages for mortgage finance companies and other relief measures for homeowners facing foreclosures.

The National Association of Realtors released home sales figures on Wednesday which showed that despite an 11 percent drop in home sales compared to August last year, home sales have been on the rise in certain areas of California, Nevada and Florida. This is mainly because home prices have fallen drastically in these states which have prompted buyers to snap up homes at steep discounts. The median sales price plunged by 9.5% to $203,100 marking the steepest price decline since 1999.

The inventory of unsold homes too fell from an all-time record of 4.6 million in July to 4.3 million in August this year. However analysts were not yet ready to celebrate the drop of 7 percent in the number of unsold homes since thousands of foreclosed properties are blocked in courts while those homeowners who are compelled to sell are keeping off the markets. Moreover economists believe that five months of inventory is more desirable.